Young people use cash less and less. Only 19% use them as their primary payment method, while 22% use Bizum, a surprise confirmed in recent years. This figure decreases as the people surveyed get older. Thus, only 2% of those aged over 65 use it as their main means of payment, a figure that rises to 8% between 45 and 64 years old and 15% between 30 and 44, according to the survey. V Barometer on the need for cash permanence presented on Monday by the demographic society GAD3 and Plataforma Denaria (association that defends the use of cash). Nonetheless, the most popular form of payment continues to be the bank card, as stated by 42% of people between 18 and 29 years old.
At the moment, these instant transfers are far from becoming the main payment method for citizens, but there are signs that they are gaining traction. 52% of more than 1,000 respondents say cards are their main form of payment, followed by cash (30%) and Bizum (11%). However, the two traditional media outlets have reduced their usage over the past year, by five and three points respectively, while Bizum’s usage grew by four. In light of these data, Narciso Michavila, president of GAD3, stated that “what will replace cash will not be plastic, but rather silicon”, referring to new technologies.
One of the innovations in this sense is the digital euro, which according to the European Central Bank is scheduled to come into force in 2029. According to the data from the survey presented, 54% say they have not heard of it, compared to 46% who have heard of this project. Furthermore, it raises questions about privacy. 80% believe it will increase government control over payments, although half see it as a complement to cash, but will not ultimately replace it.
Despite the emergence of new technologies, over 80% of citizens believe that payment with coins and banknotes is “necessary”. Thus, three out of four Spaniards underline that this form of payment is accessible to the entire population, a similar percentage (74%) to those who think that it guarantees people’s privacy and that it is safe from fraud or cyber attacks (73%). Furthermore, 83% of those interviewed are against its disappearance, but with differences depending on age. Thus, 17% of the youngest believe that it will cease to exist, a figure that drops to 6% for those over 65.
The study also highlights that the importance of cash was reinforced by the great blackout. 35% of those interviewed say they now keep a greater amount of cash at home. Furthermore, 15% consider coins and banknotes to be the second most important resource in a crisis situation, after water and basic foods and above medicines, energy and lighting. Furthermore, those interviewed ensure that the factors that most hinder access and use of cash are the closure of bank offices, the imposition on public administrations to only collect payments via bank transfers and the commissions for their management.
The use of this means also changes depending on income. Thus, half of people with an income of less than 1,200 euros say that the preferred method for making purchases is cash, a figure that is reduced to 20% if people earn more than 3,500 euros. Something similar happens with the level of education. 23% of people with a university degree use cash as their main form of payment, a figure that rises to 50% for those who have not completed secondary school.
