Results from a recent survey conducted by the Reserve Bank of New Zealand finds an unbreakable bond between its population and cash.
An overwhelming 96% survey respondents said they are happy to use cash, of which 58% said this was particularly true for small payments. New Zealander's also seem to value their privacy - a right that is protected when using cash.
The survey's key findings
- 96 percent of New Zealand's adult population use cash. Of that group, the older you are the more likely you are to use cash more frequently.
- Around 80 percent of New Zealanders carry at least some cash in their wallet.
- 30 percent of New Zealanders have cash stored somewhere other than a bank.
- There are no marked differences in cash use between the North and South Islands, nor by gender.
"There's no record of what I spent or where I spent it" was an option ticked by one in five people.
The Cash Use in New Zealand survey
The Bank is reviewing New Zealanders’ cash needs to ensure that how cash is managed in New Zealand will be suitable for the future. Understanding what cash is used for, and how it is used, is central to this review.
To support this review, Research New Zealand, on behalf of the Reserve Bank, ran a survey in 2017 to get better insight into how we use cash in New Zealand.