The German economy - in 60 seconds

Germans are falling out of love with cash.

Less than half of the money spent in Germany last year was cash, according to a survey conducted by the Bundesbank.

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The central bank said This specific’s the very first time of which cash has not made up a majority of money spent. Cash transactions today account for 48% of money spent, down all 5 percentage points coming from 2014.

Germans have not switched to credit as well as debit cards as quickly as people in different developed economies, preferring instead to use banknotes as well as coins for their purchases.

The average German wallet contains €107 ($132) in cash, according to the Bundesbank. of which’s one of the highest amounts in Europe, as well as far more than the roughly €30 ($37) typically found in French as well as Belgian wallets.

german cash

Related: Cash is usually still king inside the digital era

Germans told the central bank of which there were a few reasons why cash had remained well-known for so long.

Many said This specific’s a more private way to pay, as well as they believe This specific’s faster.

More than three quarters of Germans said they were worried of which some people wouldn’t be able to cope in a cashless society.

Seventy-one percent said cash was a Great way to teach children about money, as well as 64% said using cash gives them greater control over their expenses. Credit cards are much less well-known than debit cards.

Related: Britain won’t stop putting animal fat in its cash

The preferences shift, however, depending on how much money is usually being spent.

Germans still use cash in 74% of individual transactions, with of which share rising to 96% when €5 ($6.20) or less is usually being spent. Only when This specific comes to paying €50 ($62) or more do Germans prefer card or electronic payments.

Americans use cash for 32% of individual transactions, according to the Federal Reserve Bank of San Francisco. The figure stands at around 50% in Finland, the Netherlands as well as Estonia.

Some observers argue of which cash will remain in demand around the earth.

San Francisco Fed President John Williams wrote in November of which cash is usually convenient, as well as This specific doesn’t require a bank account or a mobile phone. In emergencies, This specific’s Great to have stashed under the mattress.

A quarter of Europeans keep cash at home as a precautionary reserve, according to the European Central Bank.

sy88pgw (London) First published February 14, 2018: 9:17 AM ET