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Young, Educated Men More Apt to Go Cashless As Survey Tracks Crypto and the Money Revolution

September 18, 2019

A new study from Dutch bank ING entitled “From cash to crypto: the money revolution” shows that general knowledge about cryptocurrencies is still low. The survey of 14,824 people from 15 countries including Europe, Australia and the US reveals that cash is king.

“What we see is that people aren’t looking for cryptocurrencies to replace other monetary forms any time soon. In fact, physical cash, a medium which may have been presumed to be on the way out, retains very high every-day acceptance.

But this isn’t at the expense of a curiosity towards new payment and storage methods, such as digital currencies and cryptocurrencies. A specific type is already aboard the cryptocurrency train.”

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People who are more apt to get rid of cash are more likely:

• To be men• To be in full-time work or study• To have a higher education• To have a higher income• To be young

People who share a positive outlook on the future of cryptocurrencies are generally tech-heads.

“They were more likely to rate newer technologies such as voice, face and fingerprint login as secure. And of those who used multiple devices to manage their money, did so without preference for one over another, trusting a variety of different technologies.”

An index showing the percentage of people with a “positive outlook” on crypto varies widely from country to country.

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Generated index of positive attitudes towards cryptocurrenciesSample size: 12,059

  • Turkey   62%

  • Romania   44%

  • Poland   43%

  • USA   31%

  • Spain   30%

  • Italy   28%

  • France   24%

  • Czech Republic   24%

  • United Kingdom   24%

  • Germany   20%

  • Australia   18%

  • Belgium   16%

  • Netherlands   15%

  • Luxembourg   15%

  • Austria   13%

Source: ING

Despite Facebook’s big push for its digital currency Libra, a whopping 66% of the Europeans surveyed said they would not send money to friends or family using social media.

People rooting for cash are still in the majority. According to the survey, 54% disagree with the statement ‘I would prefer it if cash no longer existed.’

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“Only 22% of Europeans and 18% of Americans told us in the survey they would prefer it if cash did not exist. In a 2017 ING International Survey, a slightly larger group of Europeans (34%) and Americans (38%) said they would go completely cashless if they could.

This does not, of course, mean that people prefer cash to newer payment techniques. It means that many would like the option of using cash to remain open. Which could, as more options become available, lead to diversification of payment activities. The choice made based on the nature of the transaction and preference of consumers.”

You can check out the full report here.

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