Cash Usage in Canada

A Payments Canada survey has found that 31% of Canadians use cash for day-to-day purchases, with speed (38%), wide acceptance (38%) and the ability to pay without borrowing (25%) the key motivators. Budgeting, privacy, convenience, cost of paying and security are also important.

15% of people used cash for ‘under the table’ payments, ie. avoiding taxation. What was referred to as ‘spend guilt’ barely registered for those paying with cash, with only 10% experiencing it. Even so long after the pandemic, 26% of Canadians still feel the need to wash their hands after handling cash.

While cash use fell by 59% between 2017 and 2022, 87% of Canadians still use cash. 37% use cash for day-to- day payments, while also holding it for emergencies. 32% don’t use it day-to-day but hold it for emergencies.