Every year, precious metal dealer Philoro commissions its Precious Metals Study from the Institute for Marketing and Customer Insight at the University of St. Gallen (HSG).

As part of the representative survey, which includes 1,000 participants from the country’s three main language regions, attitudes toward cash are also examined.

Sharp Increase from Last Year

According to the latest survey for 2024, 87.6 percent of Swiss citizens oppose the abolition of cash. This marks a significant jump compared to the previous year, when only 72 percent held this view.

The data reveals two clear trends: opposition to abolishing cash increases with age and decreases with higher income levels.

Rising Financial Crisis Fears

What explains the resurgence of a payment method that some had nearly written off during the COVID-19 pandemic? According to Philoro, concerns about a potential financial crisis in the near future have grown.

«During crises, people not only hoard more cash but also turn to precious metals, especially gold, as a means of safeguarding their assets,» explains Philoro CEO Christian Brenner. And Sven Reinecke, Director of the Institute for Marketing and Customer Insight, agrees: «In turbulent times, people increasingly stockpile cash to preserve value.»

High Earners Less Attached to Cash

Overall, about a third of survey respondents expect a financial crisis within the next one to three years.

The survey also revealed differences among income groups. Those earning less than 4,000 Swiss francs are 92 percent likely to oppose the abolition of cash. Among those earning between 4,001 and 8,000 francs, 87.5 percent oppose it, while 84.4 percent of those earning between 8,001 and 12,000 francs share the sentiment. For top earners making over 12,001 francs, 76.4 percent are against the idea.

Even Younger People Oppose Cashless Future

The correlation between income levels and fears of a financial crisis is clear: high earners are less likely to anticipate a crisis and, correspondingly, are more open to phasing out cash.

Among those over 60 years old, 96.1 percent oppose eliminating cash. However, even younger age groups are not in favor: 87.1 percent of 50-59-year-olds and 87.4 percent of 40-49-year-olds oppose the idea. «Even among younger age groups, more people are now against abolishing cash,» Philoro stated in a press release about the study.