For Gen Z, contactless is king

It’s no secret that many consumers are turning away from cash and opting instead to use contactless or credit card payments; only 14% of all payments are now made in cash. But that shift has been particularly acute among young people. Cash’s reputation as the best way to pay if you’re trying to watch your spending has changed, as surveys show that Gen Z is more likely to spend cash thoughtlessly.

“They often don’t have it, so when they do, they feel like it’s money that’s already gone from their accounts,” said Amanda Hoover of Business Insider. “They just will spend it quickly on a little treat for themselves.”

“Marketplace” host Kristin Schwab talked with Hoover about how Gen-Zers get by without paper money — and the roadblocks they can run into along the way.

To listen to their conversation, use the audio player above.