Almost 90% of people still carry cash, Central Bank Survey finds

Despite the growing shift towards card payments, cash remains widely carried in the wallets of the Maltese public, according to a new report by the Central Bank of Malta.

While 86% carry some cash in their wallets, only a fifth keep it at home.

Cash is particularly prevalent among older age groups, with 99% of respondents aged over 64 reporting that they carry banknotes, compared to 77% of 18- to 24-year-olds.

Regional variations were also evident: Gozo and Comino recorded the highest rates of carrying banknotes (90%), while the Northern district registered the lowest, at 83%.

The study, based on a 2024 survey of 724 residents aged 18 and over, found that 86% of respondents still carry banknotes, while 80% carry coins.

Majority prefer to pay by card

While cash is still carried, it is less often the preferred method of payment. The survey found that 70% of respondents prefer electronic payments, with only 13% favouring cash. The strongest preference for cash was found among older respondents and residents of Gozo and Comino, as well as the Southern Harbour district (each at 18%).

The most commonly cited reason for preferring cash was the sense of control it offers over spending (17%), followed by convenience and the absence of transaction fees (13% each). Meanwhile, those favouring digital payments primarily cited convenience (24%) and the ease of online shopping (17%).

Most participants reported carrying modest amounts of cash, with 34% saying they usually carry between €21 and €50, while 10% said they carry no physical money at all. Just 2% reported carrying over €200 in their wallets.

In terms of denominations, the €20 and €10 banknotes were the most preferred for daily use, while the €100 and €200 notes were the least favoured

The most beautiful banknote

The €20 banknote was also ranked as the most visually appealing in terms of design, selected by 36% of respondents. This was followed by the €50 note, favoured by 26% of participants. The least visually appealing was the €5 banknote, preferred by just 6%.

The most common reason for withdrawing cash was grocery shopping (26%), followed by retail purchases and dining out (16% each), and fuel (15%). However, storing cash at home remains uncommon, with only 21% doing so and 68% reporting that they do not keep any cash at home as a store of value.

Two-thirds do not stash cash at home

Only 8% said they withdrew money specifically to store it at home—reflecting broader attitudes towards cash savings. Indeed, 68% of respondents said they do not keep cash at home as a store of value, while only 21% do. This suggests that while cash remains important for daily transactions, its role as a long-term savings tool is limited.

Cash withdrawal habits also varied: 26% said they withdraw once a month, while only 3% reported withdrawing more than four times monthly.

41% anticipate reducing cash use

Looking ahead, 85% of respondents expect to continue using cash to some degree over the next five years. Of these, 41% anticipate reducing their cash use, while 38% intend to maintain current levels. A smaller share (6%) plan to increase usage, and 15% said they expect to stop using cash altogether.

Still, a significant 79% believe cash should continue to be accepted in the future, underscoring its ongoing relevance despite a gradual decline in everyday use.

The survey also revealed support for rounding off prices and eliminating 1- and 2-cent coins, with 60% in favour of the change.

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Availability of atms

The report also reveals significant regional differences in access to Cash Dispensing Machines (CDMs). The Northern Harbour district—which includes urban localities such as Sliema and Birkirkara—had the most extensive network, with 176 CDMs, the lowest ratio of persons per CDM (879), and the highest density (7.30 CDMs per sq.km), reflecting greater ease of access.

At the other end of the spectrum, the South Eastern district—which includes localities such as Birżebbuġa, Żurrieq, and Żejtun—had just 25 CDMs, serving 2,730 people per machine, and recording the lowest density at 0.46 per sq.km.

Across Malta, the average stood at 1,231 persons per CDM, with a national density of 1.44 per sq.km. In Gozo and Comino, access was slightly better in terms of people served (1,024 per CDM), though machine density was lower at 0.49 per sq.km.

These findings suggest that while overall access to cash machines is relatively good, disparities persist in southern and less densely populated areas.

The report, authored by Central Bank officers Julian Carl Borg and Nicole Buttigieg, has a margin of error of +/- 3.64%.