• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Lifestyleaustria
Europe

Austrians are so worried their colorful cash might die out they’re trying to enshrine its use as a constitutional right

Prarthana Prakash
By
Prarthana Prakash
Prarthana Prakash
Europe Business News Reporter
Down Arrow Button Icon
Prarthana Prakash
By
Prarthana Prakash
Prarthana Prakash
Europe Business News Reporter
Down Arrow Button Icon
August 7, 2023, 11:15 AM ET
A person holding euro notes
Austria wants to make cash payments a constitutional right. Thomas Ruecker—Getty Images
Add Fortune on Google for similar content.

Europeans are determined to protect their beloved bank notes, in fact they’re moving to have its future use legally secured.

Recommended Video

Austria’s Chancellor Karl Nehammer said last week that the public are growing increasingly concerned about restrictions they face when trying to pay with cash.

“Cash plays an important role in our everyday lives,” Nehammer wrote in a post on X, formerly known as Twitter, on Friday. “And that is why I, as Chancellor of this republic, am committed to ensuring that cash is constitutionally protected as a means of payment.”

Nehammer said that nearly €47 billion ($51 billion) is withdrawn from ATMs annually in Austria alone, noting the importance of hard currency for the country’s 9.1 million people.

“Everyone should have the opportunity to decide freely how and with what he wants to pay,” Nehammer said, according to Associated Press. “That can be by card, by transfer, perhaps in future also with the digital euro, but also with cash. This freedom to choose must and will remain.”

Das Taschengeld für das Kind. Die eiserne Reserve zu Hause. Das Geld im Börserl für alle Fälle. Allein in Österreich werden jedes Jahr 47 Milliarden Euro an Bankomaten behoben und im Schnitt trägt jeder Österreicher 102 Euro Bargeld bei sich. Bargeld spielt in unserem Alltag eine… pic.twitter.com/8zplGJANND

— Karl Nehammer (@karlnehammer) August 4, 2023

Under Nehammer’s plan, the right to cash will be enshrined in the constitution and the national bank will have to hold enough euros to supply Austrians.

Finance Minister Magnus Brunner has reportedly been tasked with leading the effort in the coming months. 

Cash is king

The debate surrounding the protection of physical money in Austria has been raging for a number of years—the country’s right-wing Freedom Party being among the most vocal supporters of hard currency.

The political party, which is widely popular in Austria, has slammed any restrictions on cash—including initiatives to build a digital euro currency.

In 2021, the country was also against a proposed limit on cash-based euro transactions, a policy suggested by the European Commission. 

The use of credit cards and other digital tools have recently gained traction in Europe and other parts of the world for their ease of use. 

But that’s not the case in Austria, where cash is associated with freedom and independence. 

Roughly 54% of Austrians use cash to pay for groceries while only 37% of them use cards, according to a survey by the OGM research institute earlier this year. Nehammer pointed out that 67% of payments made under €20 ($22) were done in cash.

The country also has among the highest density of ATMs in Europe, with one available every 1.1 kilometers (0.7 miles) on average, the country’s central bank also found.

Commercial establishments like restaurants in Austria still rely heavily on physical currency, Reuters reports, and cash hoarding during times of crisis is still common practice. 

Although Nehammer’s move to constitutionally protect cash ultimately backs a Freedom Party policy, he was criticized by the party’s leader for stealing ideas for “political survival” as the national election is due next year. 

Representatives at Nehammer’s office did not immediately return Fortune‘s request for comment.

About the Author
Prarthana Prakash
By Prarthana PrakashEurope Business News Reporter
LinkedIn icon

Prarthana Prakash was a Europe business reporter at Fortune.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Lifestyle

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Lifestyle

apes
HealthAnimals
Scientists tickled monkeys to find if they have the same giggles as humans — and they do
By Adithi Ramakrishnan and The Associated PressJune 25, 2026
9 hours ago
merlin
North AmericaWorld Cup
Merlin the Duck was allowed inside Mexico City’s Azteca Stadium, but only to film a commercial
By Nayara Batschke and The Associated PressJune 25, 2026
9 hours ago
GTA 6 release date is finally here—but the $80 price tag and missing disc have gamers furious
Arts & EntertainmentGaming
GTA 6 release date is finally here—but the $80 price tag and missing disc have gamers furious
By Whizy Kim and Tech BrewJune 25, 2026
12 hours ago
Tru Niagen
HealthDietary Supplements
Tru Niagen Review (2026): Our Honest Thoughts
By Emily PharesJune 25, 2026
12 hours ago
Private equity gets cut of two of Taylor Swift’s biggest pop hits through Max Martin’s catalog sale
Arts & Entertainmentprivate equity
Private equity gets cut of two of Taylor Swift’s biggest pop hits through Max Martin’s catalog sale
By Mia OsmonbekovJune 25, 2026
13 hours ago
ll
Economysummer
Deviled eggs, seltzer and a burger you can’t quit: The GLP-1 crowd is (halfway) reinventing the American BBQ
By Nick LichtenbergJune 25, 2026
17 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
24 hours ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
2 days ago
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Success
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
By Orianna Rosa RoyleJune 25, 2026
24 hours ago
Current price of silver as of Thursday, June 25, 2026
Personal Finance
Current price of silver as of Thursday, June 25, 2026
By Joseph HostetlerJune 25, 2026
18 hours ago
Current price of oil as of June 25, 2026
Personal Finance
Current price of oil as of June 25, 2026
By Joseph HostetlerJune 25, 2026
18 hours ago
Trump turns on Big Oil donors who spent nearly $100 million to get him elected—now he wants the DOJ to investigate them for price gouging
Economy
Trump turns on Big Oil donors who spent nearly $100 million to get him elected—now he wants the DOJ to investigate them for price gouging
By Tristan BoveJune 25, 2026
10 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.