In Germany, 80% of transactions and approximately 53% of sales are carried out by means of cash payments. Cash is appreciated regardless of age. A market research institute, GfK, has conducted a study among the youth of 14-24 years concerning the preferred method of payment, according to which young people pay in cash most willingly – 2/3 of respondents do so.
Barely 17% use cashless payments by payment or credit cards while 16% are happy to use both opportunities. The preference for cash is highest among 14-17-year-olds (78%) while cashless payments become more important among older youth (62%). It is worth adding though that despite preferences for cash payments, the number of card users is growing constantly. According to the survey, 4 out of 10 respondents would be willing to use mobile payments massively.
Chart: Own study
Source: Bankenverband – Bundesverband deutschen Banken
Direct links:
https://bankenverband.de/newsroom/presse-infos/auch-junge-leute-bevorzugen-bargeld/
Chosen by Anna Dąbkowska
