Young Europeans use electronic payments far more than they use cash, according to a study by the youth think tank ThinkYoung.
The study, which was sponsored by Mastercard, found that Gen Z is not using cash more than once per week. Some Millennials surveyed do not use cash more than once a month.
Only one out of four young Europeans use cash daily, the study found. 38% of those who use cash did so because it was the only form of payment accepted.
Almost all young Europeans surveyed said the security of electronic payments was important or very important to them. They also thought that traditional ways of electronic payment, such as debit cards or bank transfers, were safer than more modern ways like Apple Pay or PayPal.
2,008 European Millennials and members of Gen Z between the ages of 18 and 29 from France, Poland, Germany, Spain, and Italy were surveyed. Gender was represented equally.
More information on the study can be found here.
The Brussels Times