Fiduciary money is based on deep-rooted values: the trust it inspires, respect for privacy and reliability

Ifop and La Monnaie de Paris present the results of the fourth annual barometer measuring French people’s attachment to cash payments. Discover the results of this exclusive survey in an interview with Marc Schwartz, Chairman and CEO of La Monnaie de Paris

Could you explain the importance of money in French people’s daily lives, as revealed by this fourth edition of the barometer, and the role – both symbolic and practical – it continues to play in today’s society?

This 2024 edition of the barometer shows, once again, that the French are very attached to cash, with a stable level from one year to the next at around 80%. Beyond the trust that the French place in cash, it is clear that cash is not limited to its transactional use. The exchanges it enables, as well as its material, tangible nature, make it an instrument of everyday social ties. For example, the French prefer to use cash to give pocket money to children (67%) or to help people in need (54%).

Given the still widespread use of cash, particularly for transactions with small retailers and for budget management, what do you see as the main challenges and opportunities for maintaining this habit in an increasingly digital world?

The public authorities have a duty to guarantee access to cash everywhere in the country, and its acceptance at points of sale, as it is the only form of currency with legal tender status in the euro zone. The national strategy for means of payment, which has just been adopted under the aegis of the Banque de France, is based on the principle of preserving the universality of cash, which must remain a means of payment that is easily accessible to all who wish to use it, and always accepted. This is not incompatible with the growing use of electronic means of payment such as contactless cards and smartphones. But it does require vigilance with regard to the territorial coverage of cash access points (notably ATMs) and the supply of cash to retailers.

At a time when over 80% of French people say they are worried about the possible disappearance of cash, how might this perception influence public policy or the strategies of economic players to guarantee the accessibility and usefulness of cash payments in the future?

The progression of dematerialized means of payment is real, but our survey also shows that 7 out of 10 French people continue to use cash on a daily basis. Cash is based on deep-rooted values: the trust it inspires (95%), respect for privacy (90%), and its reliability (90%). In times of crisis, such as the one in 2023 marked by international tensions and inflation, cash has confirmed its role as a safe haven and stabilizer. La Monnaie de Paris collaborates daily with other institutions to defend the accessibility of cash for all and the plurality of means of payment. Faced with the concerns of the French, and more broadly of Europeans, about the disappearance of cash, we welcome the commitment of the European authorities to legal tender for cash, thus enabling access to physical money and its universal acceptance.