Turks Choose Cash for Privacy

Turks favour cash over all other payment methods, choosing it for the privacy and budgeting advantages it offers and typically carrying around 235 Turkish Liras (€23/$28), says new research from the Central Bank of the Republic of Turkey (TCMB).

Cash payments account for 89.5 percent of all transactions, according to the TCMB survey. In terms of amount, cash is used for 76 percent of payments.

Around 62 percent of participants identified as ‘cash users’ compared to nine percent reporting they’re ‘card users’ and 30 percent saying they use both. The amount of cash carried is highest among the self-employed, people with higher education qualifications and those in higher income groups. Those aged 40–50 also tend to carry more than individuals in other age groups.

The average ATM withdrawal per transaction is 952 liras (€94/$112), with people aged 55–64, those in the highest income group and individuals with higher financial literacy tending to withdraw more. Just over 32 percent of participants reported they receive their income in cash, with 30 percent having wages paid into bank accounts.

People said they prefer cash for the privacy it offers, ease of budgeting, security and its lower cost compared to fees associated with other payment methods. The survey also revealed 18 percent of participants do not have a bank account.

The number of participants saying they planned to use cash more in the coming 12 months was higher than those who felt they would use less, leading TCMB to conclude cash demand is likely to remain stable or see increases over the next year.