The abandonment of cash in Lithuania is slow, residents’ wallets contain at least several tens of euros Business

Abandonment of banknotes and coins is happening faster in big cities, young people are more reluctant to carry them, a survey conducted by Spinter Research revealed.

According to the survey initiated by “Urbo” bank, only 6% usually do not have full cash in their “pocket”. of the country’s population, another 3 percent. could not answer the question about how much cash he tries to carry with him. Meanwhile, about 90 percent could not only leave a tip, but also pay for larger or smaller purchases.

“In terms of financial transparency, Lithuania has advanced far, reducing the volume of cash for settlement and limiting large amounts of it. However, nine out of ten people in the country still struggle to carry cash. Starting with small amounts up to 10 euros, ending with 100 euros and more. This is both a matter of habit and infrastructure, because if there are places in big cities where only payment cards are accepted, it is unlikely that we would find such after going further afield”, says Julius Ivaška, Director of the Business Service of Urbo Bank.

Such an insight is confirmed by the survey data, which show that relatively the largest number of people who do not carry cash are residents of big cities and the youngest group of survey participants aged 18-25, respectively 8 percent. and 13 percent

The most popular amount is up to 50 euros

Spinter surveys asked the people of the country how much cash you usually try to have with you. At most, or 31 percent. answered that up to 50 euros. The second most popular amount was up to 100 euros, named by 24 percent. of those interviewed. Another 18 percent noted that he tries to carry up to 20 euros.

“All these people together make up 73 percent of the population.” of the population and they usually have with them not the largest, but also not the smallest amounts of cash. They would allow you to buy food products or other goods, to eat outside your home, to pay for a service. It is unlikely that this always means “black” payments, when efforts are made to deliberately hide taxes from the state, rather it is a signal to merchants and service providers that if customers had another option, they would not necessarily pay in cash,” says the interviewer.

9 percent try to have large amounts of cash exceeding 100 euros. of those surveyed, and the smallest – up to 10 euros – 8 percent. survey participants.

If the possession of a few euros in the wallet could be explained by the desire to have small ones for tips or unforeseen needs in unfamiliar places and regions, then the carrying of large sums is partly explained by the deeper cuts of the survey. Even 11 percent those who behave in this way are among the residents of rural areas, where the use of cash is the strongest and the possibility of paying by card is the least.

What’s next?

J. Ivaška notices that with the approach of summer there will be more people traveling in Lithuania, so different payment habits can create more situations when the customer cannot pay because, for example, he does not have cash with him.

“For those going to regions, small towns, rural areas or more remote individual tourist sites, I suggest you think carefully about whether you will have the opportunity to pay by card in the way you are used to there. I would also invite those visiting our big cities to be more careful, because it is very real that you can only pay for a cup of coffee in a cafe here with a card and nothing else,” points out the Director of Business Services of Urbo Bank.

According to him, it would be ideal if most Lithuanian trade and service places gave their customers the opportunity to choose. Especially since the financial sector offers more than one solution for transferring payments to the virtual space.

“Spinter research” surveyed 1009 respondents aged 18-75 on March 18-28.