Cash is the “preferred payment method” for many consumers in Ireland particularly those aged 18-34, according to the results of a new survey from An Post today (Monday, November 11).
The survey found that nearly three in 10 adults (28%) use notes or coins at least once a day, with a further one in 10 using it four to six times a week.
Although the tap and go approach would appear to be the most popular among young adults the latest feedback suggests that those aged 18-24 are the biggest users of cash, with 35% claiming that they use cash daily.
In contrast just 26% of those aged 35-44 use notes or coins on a daily basis, which would indicate that they are more inclined towards digital payment methods
Meanwhile only 2% out of the 1,062 adults aged 18 plus who took part in the online survey, carried out by Empathy, claimed to never use it.
Cash usage
Out of the people who took part in the survey, 44% said they would “reach for cash most often when buying groceries and small purchases”.
A total of 38% also use it most often when gifting to loved ones – two in five adults always gift money for a teen’s birthday, and one in five would always use it for an adult’s birthday
The latest research also suggests that notes or coins are popular when it comes to tipping in bars and restaurants (37%), tipping hairdressers, barbers or beauticians (30%) or for paying tradespeople, gardeners or cleaners (17%).
Feedback indicates that 35% use it when travelling abroad or in Ireland, and one in five people also use it on public transport.
The survey also highlighted that people also consider cash to be a “safety net” – eight in ten adults claim to always keep some notes or coins in case of an emergency, while almost half (47%) of 18-24 year olds keep up to €40 in emergency money but just one in ten do not keep any emergency cash.
Brendan Moran, director of distribution – retail at An Post said: “While digital payments continue to rise, this research confirms that cash will remain an important part of the Irish economy.
“Our research shows that almost half of adults (44%) believe they would have a better understanding of their spending if they were limited to using cash for a week, and four in ten say they would spend less if they used cash exclusively.”