WebJun 15, 2024 · In 2024, cash accounted for eight of the 17 small value payments, or 47 percent. In 2024, consumers used cash for five out of 12 small value payments, or 40 … The 2024 Diary of Consumer Payment Choice (Diary) highlights findings from the fifth Diary study conducted by the Federal Reserve. A demographically-representative sample of 2,873 individuals participated in the study and reported all of their payments and transactions over three … See more This paper would not have been possible without the support and contributions of the following individuals. From the Atlanta Fed: Kevin Foster, Claire Greene, Marcin Hitczenko, and Oz Shy. From the Boston Fed: Joanna Stavins. … See more Cash is the second most used payment instrument In 2024, Diary participants made an average of 1.4 payments per day, compared to the … See more Older individuals and high-income households hold more cash The amount of cash held by consumers varies significantly based on age and income. Cash holdings are highest among individuals over the … See more Payment preferences remain consistent across years Participants’ 2024 payment preferences remained similar to those stated in 2024. Most participants prefer to pay with debit cards … See more
Cash 2024 Findings from the Diary of Consumer Payment Choice
WebSep 21, 2024 · To understand how consumer cash holdings and shopping behavior changed throughout the COVID-19 pandemic, the Federal Reserve included questions about cash holdings in each of the three supplemental surveys to augment the data from the annual Diary of Consumer Payment Choice. Figure 1: Average Value of Cash Held per … WebThis paper describes key results from the 2024 Diary of Consumer Payment Choice (DCPC), the sixth in a series of diary surveys that measure payment behavior through the daily recording of the spending of U.S. consumers. Download the complete report in PDF format JEL classifications: D12, D14, E42 how great you are song
What is the Fed: Payment Services – Education - Third-Party ...
WebJul 31, 2024 · The 2024 Diary of Consumer Payment Choice was the last consumer payments study conducted by the Federal Reserve before the world was exposed to COVID-19. It is unknowable whether consumers’ payment behaviors will change permanently as a result of the pandemic. Webconsumers hold more cash? Data from the fall 2024 Survey and Diary of Consumer Payment Choice and interim rapid-response surveys in spring and late summer 2024 give some insights into consumer cash holdings and payments behavior. Key findings: 1.U.S. consumers increased their cash holdings at the time of the pandemic lockdowns. WebNov 15, 2024 · This paper explores how often U.S. consumers spent and held cash during the 2024 Diary of Consumer Payment Choice survey. Data from 2024 show that cash continues to be the most frequently used payment instrument, representing 30 percent of all transactions and 55 percent of transactions under $10. highest phd per capita city