Sydney, April 17: In a striking display of preference for physical currency, Australians participated in “Draw Out Some Cash Day” on April 2, withdrawing substantial sums from banks and ATMs.
This movement aims to remind financial institutions and retailers of the enduring demand for cash transactions despite the growing trend towards a cashless society.
According to YouGov’s latest insights, 43 per cent of Australians prefer using cash to pay for purchases, a rate higher than in Singapore (34 per cent) and Hong Kong (31 per cent), but lower than in Indonesia (63 per cent) and Thailand (53 per cent).
Conversely, 31 per cent of Australians favor cashless methods, showing diverse payment preferences across the country.
Millennials in Australia, interestingly, are the most likely to prefer cash transactions, with half of them favoring it over other methods.
Despite this, YouGov Surveys indicate that 50 per cent of Australians believe cash will lose its relevance within the next decade.
This sentiment is even stronger among Millennials, where 59 per cent predict cash will become outdated, even though they are currently the biggest proponents of its use.
The generational divide continues with 53 per cent of Gen Z and 51 per cent of Gen X echoing this sentiment, contrasting sharply with Baby Boomers, 38 per cent of whom foresee an enduring relevance for cash.
This data, drawn from YouGov Profiles’ continuous collection and rolling surveys up until April 2024, reflects the nuanced attitudes towards cash among different Australian demographics.
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