If millennials are supposed to be the first generation going mostly cashless, they are making the move halfheartedly.
Millennials still rely on cash — 80 percent of millennials carry greenbacks. And 42 percent still write checks, according to the Accel + Qualtrics Millennial Study 2017.
And that could be a good thing, as some advisors say a cash diet is the best way to pare down debt.
The study corroborates other recent findings that technology is not overturning conventional ways to pay for things, even as millennials flock to mobile payment apps like Apple Pay and Venmo.
The Federal Reserve Bank of Cleveland released a study late last year showing that there were more than 17 billion checks in circulation in the U.S in 2015 with a value of more than $26 trillion, and while continuing down from previous years, the rate of decline has slowed rather than accelerated.
Digging into the truth about millennials and cash can help this generation, saddled with student debt, save money.