‘Keep calm and carry cash’: Banknotes at home are key to preparing for crises like war, study shows

Cash is “a critical component of national crisis preparedness,” according to new research. Matthias Balk/picture alliance/Getty Images London —

Households should keep some cash at home so they can pay for essentials during crises, according to an analysis of four major disruptive events in Europe, including the pandemic and Russia’s invasion of Ukraine in 2022.

Consumer demand for banknotes surged in Europe during each of a string of crises, the research, published by the European Central Bank, showed Wednesday. Physical currency offers “distinct psychological and practical utility,” says the study, whose title urges the public to “keep calm and carry cash.”

The findings support the growing recognition among authorities that cash is “a critical component of national crisis prepar