Young Greeks Prefer Cash

Young Greeks are more likely to use cash than older generations according to a study assessing payment preferences.

Research agency Focus Bari shows cash is the number one payment choice for 21 percent of 18–24-year-olds in Greece, and 18 percent of people aged 25–34. The figure is 16 percent in the 55–64 age bracket, and 13 percent among over 65s, who have a stronger preference for debit cards. Overall, the European Central Bank’s 2022 Study on Payment Attitudes of Consumers in the EU shows around 62 percent of Greek point of sale transactions are conducted in cash, compared with 33 percent using cards, and five percent using mobile apps or other methods.

Rising cash preference among younger generations is far from unique to Greece, with a similar pattern found in a Bank of America Global Research Study of over 14,500 people in America, Brazil, China, France, Germany, India, Japan, Mexico, South Korea and the UK. Cash came out as the top payment choice for Gen Z (born from the mid-1990s to the early 2010s).

The well-known benefits of cash for budgeting may be one reason for its popularity among young people, with ‘cash stuffing’ a consistent trend on social media in recent years as people strive to take control of their finances in challenging economic environments worldwide.

Gen Z Greeks are the latest in a long line of cash lovers, though card usage has increased significantly over the past decade. Travel websites still advise inbound tourists that ‘cash is king’, with High Heels and a Backpack noting that, while businesses are required to accept card payments, ‘most people prefer to be paid in cash’. Greece Travel Ideas echoes this sentiment, adding that using cash ‘will likely prove cheaper’ when international card transaction fees are taken into account.