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US consumers relying less on cash, especially millennials

New research from Capital One suggests that cash use is on the wane in America.

Only 4 in 10 (41 percent) of those surveyed for the research said they carried cash regularly, while 1 in 4 (25 percent) said they rarely or never carry cash at all, according to a report on the study by Yahoo News.

The cashless trend is especially pronounced among millennials, the Capital One survey found. Among that 18–25 age group, 34 percent rarely or never carry cash compared with 25 percent in the over-55 demographic.

Millennials also reported that they found paying with cash "inconvenient" (41 percent) and were least likely to agree that it was "very necessary" to carry cash.

Of Americans who do carry cash, most have approximately $25 in their wallet. Of 2,000 adults polled for the study, 16 percent were carrying no cash when they were surveyed, and 39 percent had less than $10 on them, the report said.