Study shows 85% of Spaniards oppose cash withdrawals

Debate over the abolition of cash has been gaining momentum in Spain in recent years, but the results of a recent survey published by the Denarii Association revealed clear resistance from society. According to the GAD3 study, 85% of Spaniards are against the disappearance of cash. this figure rises to 90% among people over 65 years of age.

The poll, conducted in October 2023 with a sample size of one thousand people and a margin of error of 3.2%, highlights the widespread defense of cash as a means of payment. Most respondents (90%) believe that cash is key to protecting their privacy, while 86% rate it as a useful tool for preventing fraud.. In addition, 80% of participants claim that cash makes it easier to control expenses, highlighting its functionality as a safe and accessible means of payment.

Despite the growing digitalization of payments, concerns about the risks associated with electronic transactions have increased in 2024. 75% of respondents are concerned about revealing their location through digital payments, but the biggest concern is the vulnerability of personal data and financial information. Javier RuperezPresident Denarii, emphasizes that this study confirms the need to protect cash as a social and public right necessary for the functioning of a balanced market economy.

The landscape of payment methods has changed in recent years. Although the credit or debit card has reached maximum popularity with 57% of Spaniards choosing it as their preferred optionthe importance of cash has not completely disappeared. In particular, people over 65 continue to consider cash their usual means of payment: 40% of them prefer this system, compared with 27% of young people aged 18 to 29.

Finally, the survey shows that the majority of Spaniards (80%) believe that the Bank of Spain has the main responsibility for protecting cash. However, only 29% believe that public administrations are really interested in preserving this means of payment.