An economics expert tells BI that cash still remains crucial for "certain segments of consumers." AdvertisementWhen it comes to how Americans prefer to spend their money, cash is actually not king. That represents a consistent decline in cash payments since the pandemic in 2020, which saw many shifts in consumer behavior, including an acceleration of online shopping. The following year, the study showed that cash made up 19% of payments and has not recovered since. Cash is still king of some thingsEconomics experts say that despite increasing reliance on cards, cash remains resilient and an important payment method for many consumers.

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Persons: —, Cash, Christopher Bechler, Bechler, Benjamin, Sage Handley, Kenneth Rogoff Organizations: Service, Federal Reserve, . Federal, University of Notre Dame Mendoza College of Business, Business, Association for Consumer Research, Federal, Street Journal, Harvard University