Cash will not disappear soon in Switzerland. Almost 90% of the population opposes its abolition in 2024, up from 72% last year, according to a Philoro survey. The continued existence of the Swiss currency is under discussion in parliament.

Geopolitical unrest and rising prices explain this attraction to cash, a precious metals trader said in a press release on Friday. ‘In times of crisis, people store more cash to maintain its value.’

This trend, which tends to be more pronounced among older people, is now also seen among younger people. 87.4% of people aged between 40 and 49 are opposed to the disappearance of the currency, compared with 60% in 2023. The same phenomenon is observed in the different income classes. People with higher incomes, traditionally less fond of cash, are now mostly in favour.

These results bode well for the popular initiative ‘Yes to a free and independent Swiss currency in the form of coins or banknotes’. A counter-proposal from the Federal Council is on the parliamentary table. The study, conducted by an institute of the University of St. Gallen, is based on the responses of 1,000 people from different linguistic regions.

Source: Swissinfo