Browse by author
Lookup NU author(s): Professor Darren DuxburyORCiD
This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0).
Accurately forecasting the declining use of cash as a payment method, driven in part by financial innovation in payment technologies and associated social change, is important for central banks and the cash industry. To better inform such forecasts, we are the first to examine behavioral traits as exogenous drivers of payment intentions, including mental budgeting, money fungibility and loss aversion, along with trait habit and financial literacy. Using data from a survey of 2,801 UK adults we find compelling evidence these behavioral traits and financial sophistication shape cash payment intentions, with the unique influence of mental budgeting and money fungibility subsumed by other behavioral traits. We present strong evidence of a dynamic shift in how the behavioral drivers explain intentions to pay as transaction sizes increase. While trait habits form, payment intention shifts in response to exogenous shocks demonstrate payment habits are not immune to change.
Author(s): Duxbury D, Verousis T, Marsh D
Publication type: Article
Publication status: Published
Journal: Financial Innovation
Year: 2026
Volume: 12
Online publication date: 18/03/2026
Acceptance date: 15/02/2026
Date deposited: 19/03/2026
ISSN (electronic): 2199-4730
Publisher: Springer Nature
URL: https://doi.org/10.1186/s40854-026-00919-8
DOI: 10.1186/s40854-026-00919-8
Data Access Statement: The primary dataset generated and analysed during the current study is not publicly available on the grounds of confidentiality and informed consent, but is available from the corresponding author on reasonable request for the purpose of replication. Survey materials are available via the accompanying Online Supplementary Appendix.
Altmetrics provided by Altmetric
