Cash Still King In Malta: 90% Still Carry & Use

Despite the growing use of cards and digital payments, cash continues to hold a firm place in the daily lives of the Maltese, according to the Central Bank of Malta’s 2024 report.

The study, based on a survey of 724 residents aged 18 and over, found that 86% of respondents still carry banknotes, while 80% carry coins.

Older individuals remain the most reliant on cash, with 99% of those over 64 carrying banknotes, compared to just 77% of those aged 18–24.

A similar age-related trend was noted for coins. This disparity is linked to younger generations’ greater adoption of electronic payments.

Regional differences were also observed. Gozo and Comino reported the highest rates of cash carriers (90% for banknotes and 88% for coins) while the Northern district had the lowest percentage of banknote carriers, and the South Eastern district the fewest coin carriers.

Gender differences were slight but notable: 90% of men reported carrying banknotes, compared to 82% of women and 83% of non-binary individuals.

However, coin-carrying habits were more evenly distributed.

Most respondents withdraw cash primarily for groceries (26%), shopping (16%), and dining out (16%). Only 8% cited storing cash at home as a reason, consistent with the 2023 findings.

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