People polled in Luxembourg made the highest withdrawals on average of any EU country, a survey has found.
The European Central Bank’s report “The use of cash by households in the euro area” found that respondents in Luxembourg withdrew on average €129 from an ATM, well ahead of second placed Germany (€109) and Cyprus (€81). France and Belgium recorded the smallest average cash withdrawals at €29 and €27, respectively.
The idea that cash is king was reinforced by the further finding that people in Luxembourg carried around the second-highest sum of cash than any other EU country. The survey found that of those polled, people in Luxembourg carried around on average €102 in Luxembourg, just behind Germany where the figure was €103.
The report suggested that card transactions were nevertheless widely used in the grand duchy. with Luxembourg respondents making 0.6 card payments per day, equivalent to 4.1 per week. This put Luxembourg in second-highest place for the number of card transactions, behind the Netherlands.
The survey into consumers’ payment choices was conducted with over 65,000 people across the EU, from October 2015 to July 2016, by phone and online.