Canadians are holding more cash in their wallets, Bank of Canada finds
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OTTAWA — A new survey from the Bank of Canada shows Canadians are keeping more cash in their wallets in an increasingly digital world.
The central bank says its 2024 survey on payment methods show Canadians kept an average of $156 in cash on hand, $16 more than in 2023.
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The survey done in partnership with Ipsos shows customers are using ATMs and bank branches more often and also taking more cash out per withdrawal.
Those surveyed suggest around 20 per cent of their purchases were made via cash.
While the use of cash was on a steady decline heading into the COVID-19 pandemic, the Bank of Canada says those figures have been resilient over recent years.
Mobile payments are meanwhile gaining traction, accounting for almost five per cent of purchases in 2024, up a couple of percentage points from a year earlier.
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