Cash use increased by five points after Covid

Criticism doesn’t die but it gets stronger after the worst of it COVID-19. The pandemic has significantly reduced the use of physical money in favor of “plastic” but that trend has now changed. According to the Denaria survey, conducted by Gad3, 46.3% of Spaniards have cash as the most used or most comfortable means of payment in their daily lives. That’s five points higher than last year’s study, when the pandemic was still very much there.

Despite everything, credit or debit cards still dominate the stats: 48.3% Those surveyed consider it the most widely used system. Mobile payment, for its part, appears only as the preferred method for 3.6%, which is eight-tenths less than what was reported last year, but a decrease that falls within the study’s margin of error.

Depending on the age groups, young people between the ages of 18 and 29 are preferred plastic’ With 59.6% of those surveyed; Those aged between 30 and 44 years followed the same pattern (56.9%); The trend roughly reverses between 45 and 64 years, with card still the most used method (50.4%), although it is closely followed by cash (45.8%); Finally, those 65 or older had physical money as the dominant system (67.7%).

Thus, seven out of ten (73%) respondents indicated that cash is important in their daily transactions, compared to 68.6% last year. The proportion rises to 82.7% in the case of the oldest. And this importance is partly given to it for several reasons: because of the lower risk of fraud, because it helps control expenses, because it defends privacy, and because it is a payment method that always works. However, respondents point out that it is increasingly difficult to access physical funds. 56.8% hold this position.

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This lack of access sometimes translates to Financial exclusionIt is a problem that the government and banks have been working to address in recent months. Thus, eight in ten see that there is financial exclusion in Spain, and nine in ten believe that branch closures affect access to and use of cash.

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