Across Western Europe, a scene once thought unimaginable is becoming increasingly common. Long lines are forming in front of ATMs as people rush to withdraw cash. Financial institutions have also changed their stance, sending a clear message: withdraw your money before the system fails.
What was once a marginal phenomenon is now gaining momentum. In Poland, too, more and more bank customers are withdrawing cash. According to the latest data, the number of such transactions has risen by as much as 30-40 percent compared to previous years, especially in major cities.
Cash as a “Spare Tire”
In Western Europe, banks are now openly warning that this is not a temporary trend or a passing fashion for cash, but a real issue concerning payment infrastructure. There are three main factors behind it.
First: the growing number of cyberattacks targeting banking and payment systems. Second: failures in energy and technological infrastructure, which have exposed how dependent we have become on the internet and card payments. Third: increasing delays in cash delivery, which slow down customer service as ATMs need to be refilled more frequently and branches must adapt to traditional transactions.
International institutions are already responding. The European Central Bank has called on households to treat cash as a kind of “spare tire” that can help when the digital payment system fails. In Poland, banks have not yet issued such official recommendations, but representatives of the financial sector are increasingly vocal about the need to have cash on hand for emergencies.
It’s Worth Having Cash
Analysts in Western countries recommend keeping the equivalent of €200-€500 at home. And in Poland? It’s advisable to have at least 500 PLN. It’s also wise to consider diversifying your assets, for instance, by holding part of your savings not only in traditional form but also in different currencies.
It should be added that holding cash comes with many benefits. Above all, it makes you independent of the digital payment system. It provides a sense of security in times of crisis. You avoid additional fees associated with transfers. It’s easier to manage your budget. Finally, having cash can lead to greater savings – it has been proven that we tend to spend electronic money more easily than physical cash, which we are more reluctant to part with.