A survey has shown that the corona crisis is accelerating the move away from cash in Europe. Even in Austria – although they are very dependent on cash.
The Coronakrise has accelerated the move away from cash in Europe, according to an online survey by management consultant PwC Strategy &. Even Austrians, who are very fond of cash, pull out their cards a little more often. Compared to citizens from nine other countries examined, however, Austrians are still the biggest fans of notes and coins.
57 percent of Austrians prefer cash when shopping
57 percent of Austrians still prefer cash when shopping and paying for services, closely followed by Germans (56 percent). In 2018 it was 61 percent in both countries. In Europe this figure is only 36 percent, after 43 percent two years earlier. At the other end of the scale is Sweden, where at the time of the survey in August and September 2020 only 15 percent of those surveyed said cash was their favorite means of payment. In the Netherlands and France, only about one in five people prefer cash.
While 44 percent of the total of 3,500 survey participants from 12 countries said that as a result of the crisis they now paid more often by card, 15 percent do exactly the opposite: they pay more often in cash. 9 percent use their cell phone more often to pay.
Reasons to love cash have changed
According to this year’s survey, more people in Austria, 27 percent, prefer to pay in cash in order to keep an eye on their expenses (2018: 24 percent). Otherwise, the reasons for the love of cash in Austria have changed, according to PwC Strategy & in the study published on Monday. Only 35 percent of Austrians currently say that cash is often the only accepted payment method; two years ago it was 41 percent. Convenience reasons (23 after 32 percent) and security concerns (18 after 21 percent) are also no longer mentioned as often as reasons for paying in cash.