Brother, can you spare a dime?
Apparently not.
The Royal Canadian Mint says Canadians are carrying about a third less pocket change than before the pandemic, according to Blacklock’s Reporter. The federal agency said there are 27 million fewer new coins in circulation.
“Based on market activity, the Mint’s outlook for coin demand in 2024 is trending at approximately 65% of 2019 levels,” said a report.
“These levels are similar to 2023, which may indicate the ecosystem is reaching a baseline requirement of coins needed to service the economy.”
The Mint, which maintains a monopoly on coinage, predicted the number of new coins put into circulation will fall from 255 million a year to 228 million.
“The Mint continues to deal with ongoing impacts of the shift towards electronic payments on coin demand and supply,” said the report titledSummary of the Corporate Plan 2025-2029.
“To understand Canadians’ relationship with physical currency, the Mint continues to monitor their attitudes and behaviour related to coin usage.”
The report follows Bank of Canada research that indicates many Canadians still carry banknotes.
“Cash holdings have increased,” said the Aug. 14 reportMethods of Payment Survey Report: Cash in an Era of Alternatives.
“Real cash-on-hand holdings adjusted for inflation have been quite stable on average since 2017.”
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SENIORS KEENER ON CASH
It’s seniors who like the cash on hand with analysts writing that, “Older Canadians tend to use cash more often.” However, consumers of all ages used cash in about 21%t of transactions, data showed.
Researchers said the typical Canadian keeps $156 in their wallet and another $200 at home with $20 bills being the most popular.
The report also showed about 32% of Canadians surveyed had made a cash withdrawal from an automated banking machine over the last week, averaging $176.
“On average, Canadians made automated banking machine withdrawals two times per month,” wrote researchers.
