About a third of Americans aren’t planning for their retirement, possibly because they are obsessively managing the number of one-dollar bills on their person at any given time. And not just the ones seeking certain entertainments that require singles, who either barely register in the Fed study or who have become more generous.
“Consumers actively manage the number of these bills they carry,” with those who start the day without one acquiring a few, while those with a lot of dollar bills tend to unload them as the day progresses.
The paper, written by Scott Fulford, Claire Greene and William Murdock III, also notes that two-thirds of adult Americans start the day with at least one one-dollar bill in their possession. Almost no one begins their day with more than 10 one-dollar bills, and the total value of the money a person is carrying by and large has no influence on the number of dollar bills they are holding.
The Boston Fed Has a Pretty Good Idea How Many Dollar Bills You’re Carrying [WSJ Real Time Economics blog]