Cash returns: Experts recommend cash payment for everyday life and vacation!

Cash returns: Experts recommend cash payment for everyday life and vacation!

In recent years, the payment landscape in Germany has changed fundamentally. In fact, a current study by the Deutsche Bundesbank shows that about half of the everyday payment processes are still handled with cash. However, a clear shift towards digital payment methods can be observed that are steadily gaining in importance. According to the study "Payment behavior in Germany 2023", the proportion of cashless means of payment rose to 49 %, which corresponds to an increase of 7 percentage points compared to the preliminary study of 2021 the Bundesbank reported.

Despite the progressive digitization, cash is still considered important. The monthly report "Cash in German Society - A Current opinion" by the Bundesbank shows that many Germans consider cash to be socially significant. According to the survey, 69 % of cash consider it personally important and 72 % believe that it plays a central role in society, regardless of your own use Find the DGRSTA.

Why cash remains important despite digitization

Financial experts still recommend that cash carry cash in certain situations to increase flexibility when paying. Steven Holmes, a financial expert, emphasizes that cash that may need to be returned is an advantage, since the refund often takes longer for card payments. Cash -thedeed returns are possible immediately, which brings the buyer in a better position reports Kosmo.

In addition, Carter Seut, a financial advisor, warns of high fees that can often apply to credit card payments abroad. Individual financial experts such as Michael Collins advise you to use cash for everyday purchases such as food to keep budget limits more effectively and avoid spontaneous additional purchases. This also prevents the problem of overdraftful fees for debit and credit cards.

Social perception and future prospects

The social perception of cash is also evident in use. While cash shares from 75 % fell to around 50 % in 2023 in 2017, it remains a familiar and required payment method for many. According to the study, older people, low -income households and people with low education are dependent on cash in particular reports DGRSTA.

Despite the criticism of cash, such as money laundering and hygiene, the desire to receive cash payment remains strong. Two thirds of the respondents of the Bundesbank study expressed the wish that cash should also play a role in the future. In contrast, only 4 % require a complete abolition of cash. However, fees and access to cash are perceived as challenges - 15 % of the respondents perceive this access as difficult emphasizes the study.

In summary, it is clear that cash continues to play an important role despite the growing digitization of payment methods. The opinions and preferences of consumers show that society has awareness of the advantages of cash and wishes to receive it. In the coming years, the challenge will be to find a balance between digital innovations and the maintenance of traditional payment methods.