Campaigner Reveals Generation Z’s Growing Preference for Cash Payments
ATM provider Link reported that more than three-quarters of 16- to 24-year-olds emphasized the importance of having the option to pay in cash.
Payment Choice Alliance chairman Ron Delnevo mentioned that younger generations are favoring cash over other payment methods due to its significance in budgeting and privacy protection.
Delnevo highlighted that during the COVID-19 lockdowns, cash usage declined as most stores were closed, but it has been gradually recovering since then.
Link conducted a study indicating that 16- to 24-year-olds have a higher preference for cash compared to Millennials, with Generation Z showing a greater inclination towards cash. This age group values privacy concerns and finds cash essential for budgeting.
“Cash is as crucial for the younger generation as it is for other adults,” Delnevo mentioned.
A growing number of Britons are advocating for legal protection of the option to use cash, supported by recent surveys showing that 71% of British adults want businesses to be legally obligated to accept cash.
Delnevo highlighted the importance of maintaining cash availability as a resilience measure against potential cyber threats and unforeseen system failures.
Various countries, like France and Sweden, are considering legislations to safeguard cash’s status to ensure consumer choice and national resilience.
The Treasury Committee recently held an inquiry on cash acceptance, with experts emphasizing the significance of cash for various demographics like older individuals, those with lower incomes, and individuals vulnerable to economic abuse.
Emma Reynolds, the Economic Secretary to the Treasury, stated that the government does not plan to enforce businesses to accept cash but emphasizes the importance of innovation and technology in shaping the future of payments.
