We Lose More Cash Than We Think

According to a recent study by Visa USA, nearly half of all Americans “lose” $2,340 in cash each year. And 48% of those who use cash said they don’t know what happened to more than one-third of it — or about $45 of every $120 spent in a typical week. About 62% of the 2,036 U.S. adults surveyed by telephone said that they “misplace” about $25 a week on “small cash purchases.”

Men, 34 years and younger are the biggest money sieves, losing track of $59 a week, or $3,078 a year. Their female counterparts drop an average of $52 a week, equal to about $2,709 a year, on miscellaneous spending. Those who use debit cards said its helped keep their mystery spending to a minimum; four out of five said it helps them track their spending.

This entry was posted on Friday, September 14th, 2007 at 4:55 pm and is filed under Money Savvy, News, Only in America, People, Personal Finance, Studies and Surveys. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.