Fewer Canadians carrying cash: Bank of Canada

The average Canadian carries $70 in their wallet, and stashes another $185 in their vehicle glove box or dresser drawer at home, according to the Bank of Canada.

Researchers surveyed cash holdings in a study on the future of digital currencies and bitcoin,Blacklock’s Reporter reports.

“We find few Canadians plan to stop using cash entirely and that a considerable share of them would find the disappearance of cash problematic,” read the studyCash Alternative Survey Results.

One fifth of Canadians carry no cash whatsoever, the study found.

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“These findings suggest typical Canadians still have cash on hand despite the declining use of cash at their point of sale transactions,” said the survey.

Two-thirds of consumers pay for purchases with credit or debit cards.

People say they carry cash even if they don’t use it daily, if other payment methods aren’t accepted or if there is a power outage.

“We wanted to understand further how Canadians would respond if cash were to disappear. These findings suggest a sizable share of Canadians would be negatively affected by the disappearance of cash,” the survey said.

Only about five per cent owned bitcoin though most people had heard of it.

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“Awareness and ownership tend to be highest among young male, university-educated or high-income Canadians.” the survey says.

“Consumers are largely content,” said a 2017 report Bitcoin Awareness And Usage.

“The low rate of ownership of bitcoin may be surprising to some, considering all the media attention given to bitcoin.”

A separate 2020 study found only five per cent of small businesses surveyed had stopped accepting cash as payment.

Credit cards remain the most popular form of non-cash payment.

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