Cash Still King in a Crisis, Say Almost Nine in Ten Consumers

Nearly nine in ten adults in Ireland (87pc) believe it’s important to maintain physical access to cash, particularly in the wake of the digital system failures that struck Spain and Portugal earlier this year.

According to recent research from Royal London Ireland^[1], a leading provider of life insurance and pensions in Ireland, women in Ireland are slightly more likely than men to place importance on maintaining access to cash, with nine in ten women (90pc) supporting it, compared to 84pc of their male counterparts. The survey of 1,000 adults nationwide also found that those aged 25–34 are the most likely to consider cash unimportant, with 22pc holding this view, twice the number of 18–24-year-olds, at just 11pc.

Barry McCutcheon, Protection Proposition Lead, of Royal London Ireland, commented on the findings,

“In an increasingly digital world, it's easy to assume that physical cash no longer plays an important role in our day-to-day lives. However, this research clearly shows that people still see the value in having a cash fallback, with nearly nine in ten saying it's important to keep some on hand in case digital or power systems fail.

"Recent events in Spain and Portugal earlier this year highlight why this matters. Widespread power outages brought electronic payment systems like Apple Pay, Bizum, and major card networks to a standstill, leaving customers without cash and unable to make essential purchases. Similarly, here in Ireland, the significant power outage during Storm Eowyn left over 750,000 people without electricity at its peak, with mobile networks also disrupted in many areas.

“According to the Banking & Payments Federation Ireland (BPFI), over 85pc of point-of-sale transactions in Ireland are now contactless^[2], showing just how much we’ve come to rely on the speed and convenience of digital payments. But this growing dependence also creates vulnerability: those who rely solely on digital payments risk being completely cut off during emergencies or system failures.

"This really highlights why being prepared matters - having some cash on hand can make all the difference in the event of a digital or power outage”.

Highlights include:

• People aged 55 and over show the strongest emphasis on cash access during digital outages, with 65pc rating it as ‘very important’ and another 28pc saying it's ‘somewhat important’.
• Those living in Connacht and Ulster are most likely to see cash as ‘very important’ to keep on hand, with seven in ten (68pc) agreeing compared to 44pc of people in Dublin.
• Just 14pc say it’s not a priority, believing outages are rare and digital systems are dependable enough.

Mr McCutcheon added,

“It’s no surprise that over-55s place the highest value on cash, with two-thirds (65pc) saying it’s ‘very important’ to have on hand during a digital outage. But what is more unexpected is the attitude of younger adults - despite growing up with smartphones and tap-to-pay, just one in ten 18–24-year-olds say cash isn’t important. It really challenges the idea that younger generations have turned their backs on physical money. Perhaps in a world of increasing digital uncertainty, they’re starting to see cash as a smart backup.”

“By contrast, it’s the 25–34-year-olds who are most comfortable leaving cash behind, with over one in five saying they don’t see the need to carry it regularly. This group may be more rooted in the convenience of digital payments, trusting the tech to work when they need it - but that trust could leave them more exposed when systems fail”.

When asked how confident they’d be in making essential purchases if digital payments suddenly failed:

• One in three (32pc) said they’d feel ‘very confident’- thanks to the habit of keeping cash on hand for emergencies.
• A third (33pc) said they’d be ‘moderately confident’, as they usually carry some cash but not always.
• Just over one in three (34pc) admitted they wouldn’t feel confident, either because they rarely carry cash (21pc) or rely almost entirely on digital payments (13pc).
•  Almost half of 25–34-year-olds (46pc) said they would not feel confident in their ability to make essential purchases during a power outage, compared to one in four (25pc) over-55s and one in three (34pc) 18–24-year-olds.

Mr McCutcheon concluded,

“It’s one thing to value cash in theory, but these findings show how this translates into real-world readiness. Only about a third of people say they’d feel very confident in their ability to make essential purchases if digital payments suddenly went offline, because they regularly carry cash. Whereas, over a third wouldn’t feel confident at all, due to relying almost entirely on cards or mobile payments.

“The 25–34 age group stands out once again, with nearly half saying they wouldn’t be confident in that kind of situation. And consistent with their habits, this reflects their greater comfort in relying on digital payments rather than carrying cash. However, what’s particularly striking is that younger adults, especially those aged 18–24, aren’t dismissing cash as irrelevant. In fact, they seem more aware than we might expect of the risks of relying solely on digital payments.”

“This challenges some common assumptions and raises the question: are younger adults quietly starting to keep some cash on hand... just in case? The same principle applies more broadly – being prepared for unexpected events, whether small day-to-day disruptions or bigger financial shocks, can make a real difference.

"That’s why having the right plans in place, often with the support of a Financial Broker, can help people feel more secure when the unexpected happens”.

^{[1] Conducted by iReach in June 2025
[2] BPFI Payments Monitor May 2024}