Is Cash Still King? Here’s How Boomers Are Paying for Purchases in 2025
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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When it comes to paying for everyday purchases, there’s no shortage of choices for the method you use. You can swipe a card, pay with cash or use the ever-more-popular buy now, pay later services that are available.
As for which method boomers prefer, the answer may surprise you.
How Boomers Pay for Everyday Purchases
You might think that boomers would prefer “old school” payment methods like cash or check, but this is not how they’re paying for everyday purchases. According to a new Bread Financial report, the most common way boomers pay for everyday expenses — defined in this survey as purchases under $500 — is debit card (58%).
The next most popular payment method is bank-branded credit cards (52%) followed by cash in third place (44%). And while boomers are more likely to use personal checks than other generations, just 16% of this generation is writing checks.
Using a debit card versus a credit card to make payments has certain pros and cons.
“Paying with a debit card can be a good way to stay on budget if you are currently struggling with debt,” said Trae Bodge, a personal finance expert and founder of True Trae.
On the cons side, “paying with a debit card is not as secure as paying with a credit card, so using a debit card can put the user at risk,” Bodge said. “Also, using credit cards can have benefits.”
This could come in the form of cash back or rewards points that can really add up over time.
Boomers Are Shying Away From Cash Payments More Than Other Generations
Boomers are less likely use cash than any other generation — 57% of millennials, 52% of Gen X and 52% of Gen Z said they often pay with cash, compared to 44% of boomers.
Anecdotally, Bodge has noticed older generations’ preference for cards over cash firsthand. (According to the report, in addition to debit cards (58%) and bank-branded credit cards (52%), boomers also like using store-branded credit cards (21%).)
“This reminds me of my mom, who was a member of the Greatest Generation,” she said. “I was helping her organize her wallet and saw that she had so many credit cards for specific retailers, as well as general cards that she would rotate. It was total overkill, and I had to convince her that she really only needed a few. Must be a generational thing.”
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