AUSTIN, Texas – Cash is not dead among Millennials. A new survey by CreditCards.com found that 36% of those between the ages of 18 and 29 have never signed up for a credit card, USA Today reports.

While some speculate that industry reforms have made it harder for college students to get a credit card, that’s not the whole picture. “Cash has always been king for Millennials, and they’re often extremely reluctant to invest or otherwise leverage their precious savings,” financial planner Amy Hubble told the news source. “We grew up in a world where we were always on the defensive when it came to strangers, cyber-scams, or ‘too good to be true’ sales pitches, so often the eight credit card offers you receive in the mail every day have begun to fall into that category of ‘junk to be ignored.’”

The younger generation appears to be exercising more caution than expected of their tender years. “With Millennials, we have a generation that is plagued with student loan debt, dealing with a difficult, ever-changing job market, and has already witnessed an extremely negative stock market event, all at the beginning of their adult lives,” Michael Baker, a certified financial planner, told USA Today. “Adding credit card debt to the mix isn’t very appealing, and I believe that Millennials are trying a different path.”