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Germans keep cash at home or in a safe deposit box
Germans keep cash at home or in a safe deposit box; On average people in Germany store more than 1,000 euros in cash at home or in a safe deposit box
Yazar: Zack Smith
Yayınlanma: 27 Temmuz 2020 17:55
Güncellenme: 12 Aralık 2024 09:15
Germans keep cash at home or in a safe deposit box
On average people in Germany store more than 1,000 euros in cash at home or in a safe deposit box. What's behind it?
In this country, people hang on notes and coins despite digital payment systems. According to a survey by the Bundesbank, they have an average of 107 euros in their wallets and hoard 1364 euros in cash at home or in safe deposit boxes. "The majority of the population keeps cash for legitimate reasons, not for tax avoidance," said Bundesbank board member Johannes Beermann.
Whether the behavior of people in the Corona crisis has changed is not clear from the survey of 2,000 people in 2018, the results of which have now been published. There was no follow-up survey.
Meanwhile, cash is considered a safe haven in turbulent times. According to central bank data, demand for notes and coins rose significantly, especially at the beginning of the crisis in Germany in March. Accordingly, there was also a slight increase in net cash issuance in the following months. However, the data say nothing about the reasons for this.
According to the study published in the current Bundesbank monthly report, the hoarded cash was very unevenly distributed among the population. Some kept no cash, others very much. "Older, higher earners and the self-employed held the highest amounts on average," says the study. Beermann suspects that younger people hold less cash because they have less money.
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