Ireland Needs Cash
Aug 25, 2023
80 percent of the Irish population continues to carry cash, with 19 percent of those regularly holding more than €100, reinforcing its ‘important role in Ireland’s society and economy’.
The statistics come from a survey of 1,000 Irish adults from across the nation carried out by IReach on behalf of insurance company Royal London Ireland. The results also showed that women are more likely to carry cash than men (84 percent versus 76 percent), but men tend to hold higher amounts.
Ulster and Connacht were identified as higher cash users, with 90 percent of respondents in those areas saying they carry cash. Leinster residents were the least likely to have banknotes and coins to hand, at 72 percent, with 75 percent of Dublin residents inclined to have cash at the ready.
Despite the increasingly digital nature of Irish banking… we can see from the survey findings that cash still plays an important role in Ireland’s society and economy, with many people relying on it when going about their day-to-day routines.
These observations support the European Central Bank’s 2022 survey that found the majority of Irish consumers’ in-store purchases—54 percent—are made using cash, and also the Central Bank of Ireland’s October 2022 Economic Letter showing that ‘despite a rise in card payments in recent years, a steady demand for ATM cash transactions remains clear’. It reported the value of withdrawals was rising in line with higher rates of inflation, with the amount withdrawn in June 2022 seven percent higher than in September 2021, reflecting the percentage value increase in the Consumer Price Index.
Royal London Ireland points out that, in light of the continued importance of cash to the public, stronger protection is needed to secure its availability and usability now and in future.
In the Department of Finance’s Retail Banking Review, a recommendation was made for legislation to be introduced to safeguard reasonable access to cash. It is clear from our research that for many, there are times when only cash will do.