In March 2012, Lab42 conducted research to find out how Americans were using money. We found that 62% of people had 2 or less credit cards in their wallet in 2012, compared to the 2019 Experian Consumer Credit Review which found that the average American now has 4 credit cards. 

With more credit cards at their disposal it seems as though more people are taking more responsibility over their finances. In 2012 more than a quarter of respondents said they didn’t know their credit score but in 2019 the New York Post found that only 13% of people didn’t know their credit score. 

This increase in credit cards aligns with a decrease in the amount of cash American’s keep on hand. Even in 2012, we found that 84% of people carried less than $50 if they carried cash at all.  According to a survey conducted by US Bank in 2019 they found of the people who do keep cash on hand, 76% keep less than $50 and nearly half have less than $20. The same study found that about 3 in 10 American’s say they make no purchases with cash in a typical week while our study in 2012 showed that only 4% of people used their credit/debit cards for all of their purchases. As more and more forms of digital payments emerge, we anticipate the American wallet will rely even less on cash in the future.