A strong attachment to notes and coins. That’s the main takeaway from the last survey conducted by Ifop for Monnaie de Paris. This study, carried out as an opinion poll, aims at understanding the importance that French people grant to cashMoney in physical form such as banknotes and coins. More payments. For three years in a row, French people were asked about the role of cash in their daily life and their perception of this means of paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More. The 2023 edition teaches us that cash remains the most trusted means of payment and consequently, the level of attachment to cash is strengthening.
According to the poll, cash is the second most used means of payment (after payment cards) with 74% of French people declaring they use cash on a day-to-day basis, a level on the rise (68% in 2022). The elderly are the most frequent users (77%), followed by the people aged under 35 (73%). Cash is extensively used to pay in small shops (bakery, florist…) and for all donations and acts of solidarity (giving moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More to a loved one, to children or to a person in need, participating in pools…). Paying in cash in supermarkets in on the rise, especially among younger people, a trend possibly explained by the high level of inflation (as cash allows to better visualize one’s spending). It’s important to note that cash payment is a deliberate choice: the majority of people who paid in cash would not have wished to do so via digital transaction.
In 2023, 83% of French people declared they were attached to cash payments (versus 79% in 2022) and 47% of them are very attached to it (versus 42% in 2022). Interestingly, the level of attachment is greater among people aged between 50 and 64 (88% are attached) but also among the younger generation (86% of people between 18 and 24). This strong level of attachment can be directly linked to the high level of trust in cash. Indeed, coins and notes remain the most trusted means of payment with 96% of French people find them trustworthy. Moreover, 63% find cash very trustworthy, well ahead of cards (48%) or bank transfers (53%).
This greater attachment to cash reflects a very positive opinion of this means of payment as it is associated with numerous advantages. For 94% of French people, coins and notes are a means of explaining the value of money to children; a statement that could explain the high level of attachment to cash of the younger generation (since cash is the first means of payment they learn to use). While concerns about personal data are increasing, cash is seen as a reliable option to avoid exposing one’s private life (92% of French people). The recent rise of inflation has highlighted two economic advantages of cash: it is the only means of payment that does not entail additional costs (87% agreed with this statement, against 84% in 2022) and it enables better management of one’s budget (82% against 79% a year before). For all those reasons, cash is perceived as a reassuring means of payment, explaining why French people are increasingly attached to the tangibility of coins and notes.
Cash inspires confidence and consequently, French people do not want to see it disappear. If payments could only be made via digital transactions, 87% of French people feel their private life would be increasingly controlled, 82% think it would exacerbate inequalities and 80% regret it would deteriorate social interactions. The idea of a cashless world is met with rejection and 83% of the French population are worried about the possibility of cash disappearing (versus 81% in 2022). Even among people who prefer to pay digitally, a vast majority (72%) is concerned about the disappearance of coins and notes.
Coins and notes are the most trusted means of payment in France and more and more French declare themselves attached or very attached to cash. Cash payments represent well perceived and strengthening advantages leading to a clear rejection of a cashless world. Despite the wide variety of digital means of payments, coins and notes remain very popular and cash payments still have a key role in everyday life of French people.