Nearly one in ten Dutch consumers keep no cash at home, survey shows

A majority of people in the Netherlands have sufficient cash on hand for an emergency, according to research by De Nederlandsche Bank (DNB). However, the remainder keep less than the advised 70 euros per adult and 30 euros per child at home, or no cash at all. The findings are based on a survey of more than 1,700 consumers published on Wednesday.

Last year, De Nederlandsche Bank (DNB) and other organizations within the Maatschappelijk Overleg Betalingsverkeer (MOB) recommended that households keep sufficient coins and banknotes on hand in case electronic payment systems, including debit card transactions and online banking, go down. Holding cash would allow people to manage for up to 72 hours.

De Nederlandsche Bank (DNB) reports that 19 percent of respondents have the precise recommended sum in cash at home, and 39 percent hold more than the guideline amount. The remaining share keeps less than advised, and almost one in ten consumers has no cash on hand whatsoever, according to the findings.

Among those holding less cash than advised, one in three said they have "not yet managed" to follow the recommendation, according to DNB. The central bank also notes that 71 percent of consumers are aware of the guidance.

The advice for Dutch households is to hold cash in a combination of coins and banknotes. DNB also recommends keeping a physical debit card as a backup if payments via phone or smartwatch fail. The central bank notes that people can gradually build up their cash supply by setting aside small amounts of change over time.

Rising geopolitical tensions and cyber risks prompted the MOB to issue its guidance last year on maintaining cash at home. The MOB includes consumer groups, banks, and the Ministry of Finance, and the recommended amounts were determined by Nibud.