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Gen Z is embracing cash as a budgeting tool more than any other generation. 

May 16 2023

Gen Z is embracing cash as a budgeting tool more than any other generation. According to a Credit Karma survey, nearly 70% of Gen Z are using cash more than they did a year ago, compared to 47% of Gen X and 37% of Boomers. Budgeting is a key reason for this shift, as Gen Z with limited incomes grapple with high inflation and rising interest rates. One popular budgeting strategy among this gen is “cash stuffing,” where they allocate cash for different expense categories at the beginning of the month into pouches and strictly adhere to those limits. The process has gained popularity through TikTok finance influencers, with 72% of Gen Z adults being familiar with it, and 30% using it for budgeting and saving. Despite the rise in credit card balances, cash usage is seen as a way to limit credit card debt, with 20% of Gen Z stating that using cash makes them more thoughtful about their spending. YPulse’s Personal Finance and Spending report found that while Millennials are most likely to say they feel “worried” when they think about money, Gen Z says they feel “happy” and “excited,” indicating that their relationship with money is still rosy right now—read: willing to spend. (USA Today)