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Money Mapped: Tracking Spending Habits Across Different Countries

ByDave Stopher

Oct 9, 2018

The advent of online banking has made a huge difference in the way people carry cash, and how they make their transactions. One begins to wonder, which country even continues to carry cash anymore, and which countries are just solely dependent on their smartphone? Well, we break it down for you in terms of the percentage of GDP, along with the cash driven across the most popular purchasing devices in Europe.

Here’s a fact. People love to shop! Be it a carefully crafted grocery lost during lunch time, or an item that’s been on your wish list for a long time – shopping is the one thing we’re all bound to do as part of our lives. However, the dynamics around the way we shop continue to evolve at a fast pace. The changes are not just in the way we pay, but also in the way we’re incentivized to shop. It might be an ad you saw on your Instagram feed, or an email that alerted you of a special discount offer. What we’re shopping from is another interesting aspect here. Within the UK, it’s pretty clear that we love having travel, departmental store and footwear related transactions online. Travel happens to be the most dominant factor here, as a huge chunk of tourists continue to make their transactions online.
The whole concept of online transactions is making one physical change – it’s making path for societies that are cashless! The specifics vary across the different countries in UK, but Sweden happens to be ahead of the world when it comes to bring cashless – with a whopping 95% of the spending being done without using cash.

Switzerland comes close to Sweden, with a 94% non-cash spending. Greece happens to be somewhere in the middle, with 45% of transactions happening without cash. Croatia and Lithuania, however, are on the other side of the table – with only 28% and 18% transactions being non-cash, respectively. All of this is testament to the fact that the spending habits do vary significantly across different countries, and it’s equally interesting to analyze each country. In our case, for example, Greece has had an inconsistent banking system over the years, whereas Crotia and Lithuania’s banking infrastructure continues to improve massively with no signs of stopping anytime soon.

Are you someone who is interested in finding out more about the spending habits across Europe? Are you looking to dissect the underlying factors that contribute to this system in each country?

Use Money Mapped to track it all down! Use Money Mapped to find out which countries prefer to shop from a desktop, which places mobile phones are most popular for online shopping, and much more! In this process, you’ll come across many other interesting factors such as how people are keeping their impulse spending to its lowest, or the fact that people prefer not to use social media with the same devices they use for online transactions. There’s a lot to be learned about this fascinating new trend – and Money Mapped is going to provide you with all the data you’re looking for!