And there is support for “the folding stuff” from young adults, according to a survey commissioned by insurer and pensions provider Royal London Ireland.
Respondents said it was particularly important to have cash when electronic payments systems go down, as happened recently in Spain and Portugal.
But more than one in three rarely carry cash or rely on digital wallets, leaving them vulnerable in a digital emergency.
People in their late 20s and early 30s are most at risk if digital payments fail.
Almost half of them would struggle to pay for essentials without digital access.
The survey, conducted by iReach, found that a majority of people believe it is important to maintain physical access to cash, with almost nine in 10 adults maintaining this position.
This is particularly in the wake of the digital system failures that struck Spain and Portugal earlier this year.
The survey found women in Ireland are slightly more likely than men to place importance on maintaining access to cash.
The survey of 1,000 adults nationwide also found that millennials are the most likely to consider cash unimportant.
Twenty-two per cent of them hold this view, which is twice the number of Gen Zers who consider cash unimportant. Just one in 10 of those who are in the Gen Z group ( between the ages of 18 and 24) said cash was not important.
People still see the value in having a cash fall-back
Royal London Ireland’s protection proposition lead Barry McCutcheon said in an increasingly digital world, it is easy to assume that physical cash no longer plays an important role in our day-to-day lives.
“However, this research clearly shows that people still see the value in having a cash fall-back, with nearly nine in 10 saying it’s important to keep some on hand in case systems fail,” he said.
This year, power outages in Spain and Portugal brought electronic payment systems like Apple Pay, Bizum and major card networks to a standstill.
This left customers without cash and unable to make essential purchases.
“Similarly, here in Ireland, the significant power outage during Storm Eowyn left over 750,000 people without electricity, with mobile networks also disrupted,” Mr McCutcheon said.
Recent figures from the Banking and Payments Federation Ireland show than more than 85pc of point-of-sale transactions are now contactless.
Mr McCutcheon said this shows just how much we have come to rely on the speed and convenience of digital payments.
“But this growing dependence also creates vulnerability. Those who rely solely on digital payments risk being completely cut off during emergencies or system failures,” he said.
“This really highlights why being prepared matters – having some cash on hand can make all the difference in the event of a digital or power outage.”
The survey found that those aged 55 and over put the strongest emphasis on cash access during digital outages.
Mr McCutcheon said it was a surprise that only 10pc of Gen Zers said cash was not important.
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