Cash remains king in Greece

Economy
Sat, 24 Dec 2022 8:14 GMT
One in three Greeks still receives between one and three quarters of their income in cash, a percentage that is the highest in the eurozone and points to the extensive tax evasion that exists in this country.
Cash remains king in Greece

One in three Greeks still receives between one and three quarters of their income in cash, a percentage that is the highest in the eurozone and points to the extensive tax evasion that exists in this country. This comes from a European Central Bank survey of European citizens’ payment trends, according to which cash – although in decline due to the spread of electronic transactions – is still the eurozone’s dominant means of payment.

The share of electronic payments in Greek consumer transactions increased, according to ECB data, from 7% in 2019 to 19% in 2022 in terms of transaction numbers and from 11% to 27% in terms of value.

However, at the same time Greece is an “extreme case,” according to the ECB, as 11% of its residents say they receive up to a quarter of their income in cash. This is almost double the eurozone average of 5%. Eight percent of eurozone residents surveyed said they receive half of their income in cash and 9% claimed to receive more than three quarters of their income in cash.

A total of 33% of Greeks (up to 39% including those who say they don’t know) responded that they receive from 1/4 to 3/4 of their income in cash; this is the highest in the eurozone, where the corresponding rates are 5% and 25%. The lowest percentage of citizens who are paid in cash is to be found in Finland, where only 5% said they receive part of their income in cash.

Greeks have become familiar with card use as a preferred means of payment in 50% of their transactions at the points of sale (POS). But they also want to have the choice of cash, at a rate of 24%, which is close to the eurozone average of 22%.

The average available amount in Greeks’ wallet when they start their day is around 78 euros, compared to €83, which is the average in the eurozone, with variations from the €121 that the average Austrian wants to have and €46 that the average Dutchman wants.

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