Gen Z and Cash: Numbers That Break Stereotypes
We would expect young people to rely exclusively on digital wallets and smartwatches. The reality is more complex.
· The European Central Bank (ECB), in its 2024 report, confirmed that cash is still the most commonly accepted payment method across generations – including Gen Z.
· An Irish survey for An Post showed that 35 % of young people aged 18–24 use cash daily. Only 2 % of respondents said they do not use cash at all.
It turns out that even “digital natives” do not consider cash obsolete. On the contrary, they see it as a practical complement to digital options.
Why Young People Do Not Reject Banknotes and Coins
There are several reasons – and most of them are surprisingly rational:
· Reliability. If the power goes out or a terminal fails, cash always works.
· Better control of spending. Banknotes in the wallet show how much of the budget has already been spent – something that mobile apps often obscure.
· Lifestyle. Gen Z spend time in clubs, on trips, or at festivals – and in these places, cash is often the only way to pay.
Cash and Digital: Competition or Partnership?
From a technological point of view, it is no longer about whether cash will replace digital payments, but how the two worlds will connect. Modern solutions show that the path leads through a hybrid model:
· self-service checkouts and kiosks accepting both cards and cash,
· fast transactions in public transport and restaurants,
· automated cash management that eliminates errors and increases security.
According to a KANTAR study, 80 % of customers want the option to choose the type of checkout, and 90 % expect self-service systems to accept all payment methods – including cash.
The Payment Mix of the Future
Generation Z has a reputation for being innovative, but their behaviour shows that a modern approach means, above all, flexibility. For young people, it is natural to combine digital wallets, mobile payments, and physical money depending on the situation.
The future of payments therefore will not be one-sided – neither purely digital nor exclusively cash-based. It will be hybrid.
And this is precisely where technologies come into play that help businesses keep pace. Albacon System, as the exclusive distributor of Glory solutions for the Czech Republic and Slovakia, brings companies the tools to maintain this balance. These are solutions that reflect the needs of not only today’s but also future generations.
Source: Mavredis, C. (2025). Generation Z and Cash: Is Physical Money a Thing of the Past? https://www.glory-global.com/en-gb/blogs/en_gb/2025/generation-z-and-cash