SOURCE: Balance Innovations LLC

Balance Innovations LLC

July 01, 2014 11:05 ET

New White Paper: Is the Penny Past Its Prime?

LENEXA, KS--(Marketwired - Jul 1, 2014) -  The penny is as much a part of the American culture as it is part of its currency system. But in the age of electronic payments, do we still need it? With the rising cost of production, should we still make it? Balance Innovations addresses these issues in a new white paper, "Does change lie ahead?" detailing its survey of public perceptions of the penny, as well as information on the coin's future.

The company's recent survey of 1,665 shoppers revealed that while the population as a whole was split down the middle on their use of the penny, 74 percent of millennials said they hardly ever used the one-cent coin.

The poll showed that 50 percent of those surveyed said they didn't use pennies often, while the other half of respondents said they used them frequently. Older shoppers indicated that they were more likely to use pennies -- only 39 percent of respondents 65 years or older said they didn't use them often.

"We expected lower use among millennials," said Steve Rempel, president and CEO of Balance Innovations. "Though those in older age groups continue to use the penny today, future use will decline even further as millennials rapidly become the largest consumer group."

The penny has been under fire for several years after it became more expensive to produce (1.83 cents in 2013) than its face value. The U.S Mint reported in 2012 that no alternative metals would make the penny significantly cheaper to produce and said the issue should be studied further.

The white paper can be found on the Balance Innovations website, along with other recent research pieces by the company.

About Balance Innovations
Balance Innovations is the leading developer of reconciliation and cash office management solutions for the retail industry. Our solutions integrate seamlessly with existing POS technologies to simplify and improve retailers' cash office management operations. Balance Innovations' premier product, VeriBalance, is an easy-to-use software solution that is helping retailers across the United States and Canada increase profitability and improve operations by reducing labor, bank fees and shrink while standardizing and enforcing best practices and corporate policies. Other products include: vbEPIX™, an electronic check processing solution; vbSecure™, an electronic-safe management product; vbScout™, a self-checkout management tool; and vbInSight™, a corporate reporting product. Customers range from independent grocers to Fortune 50 retailers. For more information, visit www.balanceinnovations.com.

Contact Information

  • Contact:
    Diane Collins
    Director of Marketing
    913-599-1177

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