Who prefers to pay in cash? And who’d rather opt for a card?
It’s a fact: we Belgians are paying for things more and more electronically. We already have a large number of “Card Lovers”, but there are still plenty of “Cash Lovers” around as well. So, who are these two groups? How large are they? How frequently do they pay in cash or electronically? And why? All the answers emerge from the analysis of the survey conducted by the iVOX market research agency with 1000 Belgians, in December 2021. And one thing is clear from the study: Belgians obviously don’t all have the same preferences when it comes to payments.
CASH Lovers
There are plenty of Cash Lovers among Belgians and they make their choice clear. In fact, according to the iVOX survey, they represent 17% of the total population. Most Cash Lovers (83%) still pay for something in cash every week and they prefer to use that method of payment. Of course, they also make card payments, although always with their PIN – and they’re reluctant get to grips with the new payment methods.
Who exactly are the Cash Lovers? Nearly half of them (47%) are aged 55 or over. Cash Lovers also tend to be French-speakers rather than Dutch-speaking. Some of them are disabled or have a health problem. And very often they also struggle to makes ends meet. One of the main reasons why they pay in cash is because it helps them to control their monthly budget better.
Another interesting fact is that 53% of Cash Lovers are aged 54 or under. This means that younger people also use and prefer cash. And they do so, for example, to avoid making impulsive purchases.
Card Lovers
On the other hand, there are also a large number of Card Lovers: 39% of Belgians, in fact. Card Lovers use their payment card(s) every week and that’s the method of paying that they prefer. Card Lovers mistrust cash and alternative payment methods. Yet they still pay cash sometimes. But only half of them do so every week. A third of them (31%) still pay with cash at least once a month, 16% less than once a month and 3% no longer at all.
Cash Lovers also include a large number of people aged 55 or more (45%), compared with 22% who are 34 or under. Most Card Lovers are Dutch-speakers.
