K&H: there is still room for cash

By: Trademagazin Date: 2023. 08. 08. 11:38

While young people pay more and more often electronically during their non-online purchases, cash also has a place in their circles – this is what the K&H youth index concluded.

This year, the proportion of 20-year-olds who preferred cash was 46 percent, and those who preferred electronic solutions was 54 percent, which means a modest shift compared to the last two years, as in 2021 the results were 49-51, and in 2022 47-53 percent. At the same time, it also appears that young people, who typically pay electronically, are choosing this alternative more and more often, and smartphone transactions are also becoming more and more popular among them.

According to data from the central bank, the value of card purchases exceeded that of cash withdrawals last year. The number of card purchases increased by 23 percent and the total turnover by 34 percent year-on-year. In this year’s second quarter report of the K&H youth index, it can be seen that the preference for electronic payment methods among young people aged 19-29 is only growing slowly, and cash is still very strong among them. However, those who typically pay this way increasingly choose the cashless alternative.