I hate carrying cash. If a cup of coffee costs a single euro, I’ll do a contactless “beep” at the counter. I don’t even carry cards any more, all I need is my phone.
I’ve always disliked paper money, which seems dirty to me. Coins are just a burden. Also, if I use cash, I lose track of how much I’m spending, and if I’m not careful the banknotes just slip out of my pocket. Once I lost €50 while having a drink on the beach.
But, as an Italian, it turns out that I’m an exception. According to a recent survey, Italians take out roughly €1bn (£836m) each day from the nation’s cash machines, and that amount is increasing.
Italians hate credit cards. Many don’t even have a bank account, preferring a postal account, which is how pensions are generally paid. A lot of people still keep their money stashed in their mattresses, like in the old days.
I was recently in a clothing store in the lovely coastal town of Terracina and a lady was buying a pair of very expensive high heels. I watched her reach into her bag and pull out a wad of €500 notes. She handed the cash over to the sales girl, whose jaw dropped. I felt miserable; I didn’t even know €500 banknotes existed.
The curious thing was that this lady was so unassuming. There was nothing extravagant about her. She just handed over the notes as if it were completely normal.
And at the other end of the retail scale, I’ve seen people pay for a €2.50 cappuccino with a €200 note.
One of my friends is a young architect called Andrea. He told me that when he goes clubbing, he always carries around €5,000 in cash.
“I like the feeling of holding money in my hands, of touching the banknotes, it gives me a sense of power and safety, even if of course I don’t necessarily spend all of it,” he told me.
When I was a kid I remember my granny hiding cash inside her skirt, in a tiny inner pocket, or under her pile of shirts in the cupboard.
Those days are coming back, and we’re living a revival of “cash fever”. It seems that digital transactions and virtual cards still freak Italians out. They’re considered obscure.
“This is due to growing mistrust in the country’s financial system and global economic crisis. We taxpayers have lost faith in banks,” said Aldo, who is 70. Each day he stops at the cashpoint right near my house to withdraw €200.
One morning he told me how his neighbours hide all their money under a huge bush in their backyard. It sounded crazy to me, but it’s true.
According to Italian consumer groups, other favoured cash stores include: pillows, behind paintings, under the toilet seat, or behind a loose brick – everywhere aside from a safe box, as that would be the first place burglars would search.
There is a funny ritual in Italy. At that magic moment of the month when pensions are paid – dubbed “San Paganino”, meaning “Saint Payer Day” – you can spot the grannies lining up at cash machines, stuffing the euro notes in their undergarments for safekeeping on the route back home. But it’s not a clever move. Many turn into targets for pickpockets.
“The mass exodus from accounts is also due to rising bank costs,” said Filippo, a financial expert based in Rome. Italian lenders’ services, he added, are among the most expensive in Europe.
I can’t help thinking how history loves irony. Italy is the land where banks were first born. The Medici family were ruthless bankers who rose to power in Florence during the Renaissance thanks to the money they lent, which they also used in corrupt ways.
After centuries of banking tradition, the country that gave birth to banks could be seeing their demise. Italians are saying basta! – enough! – and embracing cash.
Silvia Marchetti is a freelance reporter based in Rome
