Dec 14, 2022

Question of the Day: What payment instrument is used most by consumers?

It feels like technology has modernized everything we do, so what do most consumers use when making payments?

Answer: Cash (85% reported using cash in the last 30 days)

Photo by Patrick Tomasso on Unsplash



  • What payment instrument do you use most?
  • What are some of the factors you consider when choosing how to make a payment?
  • What payment instruments do you think will become more or less popular in the future?


Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.


Behind the numbers (Federal Reserve): 

"As one might expect in the second year of the COVID-19 pandemic, when most businesses were open and the emphasis on physical distancing had declined, the share of consumers using cash in the past 30 days was flat, from 82 percent to 85 percent in 2021. Also in 2021, 95 percent of consumers reported they had used cash to pay in the past 30 days and/or held some cash on their person or stored elsewhere, up from 91 percent in 2020. This change is statistically significant. Shares of consumers using a payment instrument in the past 30 days were flat or slightly increased, except checks, which 46 percent reported using in the past 30 days, compared to 50 percent in 2020, not a statistically significant change."


PLAY: Payment Decisions is a great way to give students and opportunity to practice choosing how to pay for transactions!


NGPF's Banking unit will get your students thinking about how they can effectively manage their money!

About the Author

Ryan Wood

Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.

Mail Icon

Subscribe to the blog

Get Question of the Day, FinCap Friday, and the latest updates from NGPF in your inbox by subscribing today: