Means of payment Almost 90 percent of the Swiss are against the abolition of cash
Almost 90 percent of the Swiss population are against the abolition of cash. A year earlier, the figure was 72%, according to the Precious Metals Study 2024 by precious metals trader Philoro.
17.01.2025, 10:02
SDA
Professor Sven Reinecke from the University of St. Gallen (HSG) sees the current geopolitical unrest and the only gradual easing of inflation as the reason for the increase. "In times of crisis, people increasingly hoard cash as a store of value," Reinecke was quoted as saying in the press release.
Older people are particularly fond of money. 96.1 percent of over-60s are against the abolition of cash, Philoro wrote on Friday. A year ago, the figure was 90 percent. The highest increase was among 40 to 49-year-olds, from 60 to 87.4 percent compared to the previous year.
Another trend showed that people are more likely to hold on to cash the lower their income is. According to the precious metal trader, nine out of ten people with an income of up to CHF 4,000 were against abolishing it. People with an income of over 12,000 per month were the least likely. Among them, three quarters are against the abolition of cash. Across all income brackets, fewer and fewer people want to get rid of cash completely compared to 2023.
A third of participants fear a financial crisis in the next one to three years, the survey continued. Around a quarter expect one in the next three to five years. The study shows that people with lower incomes tend to expect a financial crisis sooner.
As part of the study, 1,000 adults from German-, French- and Italian-speaking Switzerland were surveyed from July to September 2024. The Institute for Marketing and Customer Insight at the HSG conducted an online survey on behalf of Philoro.
