Money is more popular than ever "DiePresse.com

Vienna. It is allegedly dirty, transmits disease, is expensive and is only used by tax evaders or even terrorists. There are many horror stories about money. In some countries, such as Sweden, people have long since entered the "cashless society". Only: it really does not work like that. As a recent WU study, Guido Schäfer, shows, cash is now almost as popular as ever. In all major economies, cash flows have increased rapidly since the turn of the millennium. And Austria will cash anyway.

"Cash payment is by far the most common form of payment, and Austrian consumers make more than four-fifths of the cash payments," says Guido Schäfer, who conducted the detailed study commissioned by the Austrian Mint. Most strikingly, about half of the euro banknotes in circulation are actually held for investment purposes. "People think of money as a safe and liquid investment – money is under mattresses, jars of jam and safes, and even if you compare it to equities and bonds, cash plays a key role. . "

It's a horror for banks. Due to low interest rates, they already want to take their clients out of savings accounts and open chequing accounts in higher yielding and higher risk investments. The problem: many have perceived the financial crisis as a banking crisis, said Schäfer. "People have become uncertain about the banking system." The fate of Greeks and Cypriots, whose access to funds was restricted overnight, also works. "If you can not access their account, the money continues to work.Once in circulation, no infrastructure is needed."

Also on the mountain hut

In Iceland too, where some banks were hit by the crisis, cash flow rose significantly in the following years. Although the use of electronic alternatives increases more than the use of money. But: "This idea that digitization is the end of money is a mistake, but it is also clear that a profitable investment can never be money.It does not generate any income." Schäfer is considering the future of cash, but is also secure because there is no real electronic alternative. Bankomats, credit cards or even crypto-currencies can only replace part of the functions of cash – but never all. Cash also works in case of power failure or in a mountain cabin without receiving mobile phone for the credit card terminal.

And these are just extreme examples. Cash alternatives also depend on people's numerical competence, says Schäfer. "Cash promotes social inclusion." Children, the elderly, the poor, women, migrants and the unemployed often pay in cash. "This social gradient should not be ignored:" Payments must work for all members of a society. "

Shepherd therefore recommends not to remove cash, or even a ban that some economists dream of: "The arguments in this direction are weak, you should leave people what they want." the use of cash is decreasing, the proportion of the underground economy is still much higher now than in Germany or Austria.The morality of society does not depend on the means of payment. "

And in Sweden, which is an international exception, the government now fears that old people and migrants will be excluded from the economic cycle if the money is reinjected.

Nevertheless: "There are frequent attacks by the credit card industry on cash, with arguments that are often not very objective," says Gerhard Starsich, managing director of the Austrian Mint – which, together with the National Bank, is responsible for providing l & # 39; money. "In fact, money has features that cards can not cover, it's also anonymous, and electronic numbers can still be monitored."

("Die Presse", printed edition, 25.10.2018)