The central bank said on Thursday that its 2024 survey on payment methods shows that Canadians kept an average of $ 156 in cash at hand, $ 16 more than in 2023. Adapted for inflation, said the bank of Canada that the value of cash at hand has been “pretty stable” since 2017, despite minor variations on Covid-19-Tandemia.
Older Canadians will most likely wear cash
The research showed that customers, however, more often use ATMs and bank branches and also take more cash per recording.
Breaked out by age group, who were 55 and older the most likely cash on their person with 86.8%, more than 10 percentage points higher than other demography. But it was the youngest Cohort investigated, who from 18 to 34 years old, who held the most in their wallets at $ 206 on average. The Bank of Canada said that those in the lowest income disc tend to have the least amount of cash, but most likely to pay via cash.
Canada Bucks The global trend of falling cash use
The study, including more than 4,000 people, conducted in collaboration with Ipsos from mid -October to mid -November last year, included a selection of respondents who registered their regular purchases for a number of days. The respondents suggest that they made about one in five purchases with cash.
Although the use of cash was a steady decline on the way to the COVID-19 Pandemie, the Bank of Canada said that those figures have been resilient in recent years. This marks a deviation from other countries, such as the United States, of which Bank of Canada pointed out researchers, has seen a continuous annual decreases in the use of cash.
Younger consumers can stimulate digital payment shifts
The Bank of Canada said that 79% of the Canadians had no plans to go in cash in 2024, while 8% said they would eventually do this and 13% said they were already cash. Those figures were stable from 2022 and 2023.
In the meantime, credit cards remain at the top of the list of the most used payment methods with 46% of the purchase volumes. Debit cards follow 23%. Mobile payments – every purchase made via a smartphone app, including those linked to a credit card – are now getting a grip. Mobile transactions accounted for almost 5% of purchases in 2024, a few percentage points a year earlier.
If those trends keep pace, the Bank of Canada suggested that preferences could shift among younger consumers to keeping digital portfolios instead of physical, which in turn could lower the demand for cash.
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