Survey: Germans Want to Keep Cash
Most citizens in Germany cannot imagine their future without cash, according to a survey conducted by the German central bank regarding payment behaviors.
According to the survey, 69 percent of Germans feel it is important for them to be able to pay in cash themselves, while only 9 percent attach no importance to this.
Seventy-two percent of respondents stated that they see cash as extremely important or somewhat important for society as a whole.
Despite some drawbacks, such as unlicensed work, tax evasion, and thefts, the German central bank sees itself as responsible for preserving and supporting cash as a means of payment. Contrary to popular belief, the future of cash transactions is not guaranteed, as shown by the scenarios projected by the central bank.
The bank believes that if demand declines, costly ATMs and cash payment kiosks may be reduced, and retailers may be inclined to stop accepting cash for cost-related reasons. Based on this scenario, cash may only be usable to a limited extent by 2037 and will not be able to fulfill its comprehensive social functions by then.
Data shows that the importance of cash payments in Germany is already declining rapidly; while consumers made about three-quarters of their daily payments in cash in 2017, this percentage dropped to less than half by 2023. In terms of sales volume, cash now accounts for only 26 percent of private payments monitored by the German central bank in its periodic surveys.
The latest survey included 5,000 participants in the fall of 2023. Participants frequently used credit and debit cards, as well as modern payment methods via mobile phones and the internet.
Forty-eight percent of survey participants expect cash to disappear from daily life within 15 years. Only 39 percent believe that cash will still be usable as it once was.
There are many arguments in favor of using cash, widely accepted among the population, including its availability even during technical failures, its educational value for children, data privacy and anonymity protection, financial inclusion for all demographic groups, and the ability to store cash.
The German central bank, in collaboration with the European Central Bank, aims to maintain cash in the Eurozone. The bank believes that as long as citizens want to use cash, it should remain widely available and accepted. To achieve this goal, the network of the central bank’s branches will be updated, and information exchange among various interest groups will be organized through the cash forum established last year.
