Paying With Cash Brings More Joy

Credit cards may be convenient, but new findings reveal paying with cash can make you feel like you got more for your money. University of Toronto researchers had two groups of participants purchase discontinued mugs: one group bought with plastic and another bought with cash. Then, the scientists attempted to buy back the scarce mugs, but had the participants name their own prices. On average, those who bought the mugs with cash wanted almost double what people who made the purchase with credit card did. Study leader Avni Shah says, “Cash feels the most painful. Even a check feels quite painful.” She says she’s not advocating for the total re-adoption of cash, but says reminders that credit cards spend actual money are important. She adds that a cash-only policy might be a way to add positive emotion to transactions, potentially prompting repeat business. (Yahoo)