A Bank of Canada report suggests cash has become something to hoard, rather than spend

the demand for cash appears to relate to a desire among Canadians to establish a hedge against economic crisis, geopolitical uncertainty and maybe even technological failure, considering the degree to which the collapse of Rogers Communications Inc.’s systems crippled day-to-day commerce this summer.

https://financialpost.com/news/economy/canadians-hoard-cash-hedge-against-chaos