GENERATION Z IS EMBRACING cash, despite digital money being the primary way of spending, saving and investing in 21st century life.
Some 69 percent of Gen Zers (born between 1997 and 2012) in the U.S. and U.K. were using cash more than they did in 2022, found a 2023 study by Harris Poll on behalf of CreditKarma and nearly a quarter (23 percent) are using it for the majority of their purchases.
The research checks out with the trend of keeping large amounts of cash at home rather than putting it in a bank account, checking or savings, which can be seen on social media. Using cash instead of card or online transactions has become increasingly popular on TikTok, with myriad accounts explaining how to do "cash stuffing."
The budgeting hack involves withdrawing money from your bank often in large amounts, such as an entire month's paycheck-and sorting it into envelopes or another system to keep at home. This way, budgeters have "buckets" of money for certain expenditures, such as eating out, clothes, holidays and so on.
"The idea is that once the money is gone from that envelope, you can no longer spend money on that bucket," Rod Griffin, senior director of consumer education and advocacy for Experian, told Newsweek.
While experts agree that the trend isn't new, it seems to have surged in popularity with the social media generation.
The TikTok page for Monets Money, which has 1.3 million likes and almost 70,000 followers, has dozens of videos on how to do cash stuffing, explainers on what you need to know about the trend and how to budget your monthly paycheck.
Another account, CDN Girl Cash Stuffer, demonstrates similar tactics for storing your cash and has in excess of 220,000 followers, with one of her cash-stuffing tutorials reaching 8.9 million views since April 2023.
Cash Stuffing-Good or Bad?
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Zachary Quinto
ZACHARY QUINTO HAS PLAYED DOCTORS BEFORE, BUT HE'S \"NEVER PLAYED a doctor like\" the one he plays on NBC's Brilliant Minds (September 23).
Adam Brody
NETFLIX KNOWS EXACTLY WHAT MILLENNIALS want, and it's to see Adam Brody and Kristen Bell fall in love.
Partners in Crime
Actor Joseph Gordon-Levitt shares his delight at teaming up with Shailene Woodley again in new Amazon Prime movie Killer Heat
HOW TO FIND A WORKPLACE THAT LOVES YOU BACK
Insights from America's Top Most Loved Workplaces
MOST LOVED WORKPLACES 2024
AT A TIME WHEN WORKERS ACROSS THE UNITED STATES CONTINUE TO redefine what they expect from their jobs, the companies on Newsweek's annual list of the Most Loved Workplaces in America are setting the standard for what a fulfilling workplace looks like.
Q&A LEE YARON
With 10/7, the professional became profoundly personal.
SDEROT INTERSECTION
How Jewish and Arab strangers united to rescue two little girls amidst Hamas' October 7 attack
No End in Sight
AS TENSIONS CONTINUE TO FLARE AT ISRAEL'S BORDERS, NEWSWEEK DISCOVERS HOW LIFE HAS CHANGED IN THE REGION A YEAR ON FROM THE OCTOBER 7 HAMAS ATTACKS
Thai Scammers Set Sights on US
Newsweek looks inside the Southeast Asian country's $2 billion cybercrime industry and how American citizens are now falling prey to sophisticated schemes run overseas
PARTING SHOT: Sarah Paulson
\"CAN YOU IMAGINE IF THE AIR WAS JUST FILLED WITH DUST PARTICLES and you literally could not breathe?\" That's what Sarah Paulson is tackling in her new film Hold Your Breath (October 3).