Quoted from Mr_Tantrum:I
I have not researched to determine validity, but I would think there is some feeling of security that a keylock on a door is harder to pick (e.g. an unwanted stranger entering your house) than cracking a 4 digit or so code (trial and error, monitoring/watching from the street, looking at worn numbers on the pad, etc.) Also, you have to power things that use keypads - batteries die and power goes out. So, if you have to carry a key for backup, then why even bother with a digital system?
Ask a police officer how many break-ins are done by people picking a lock. The answer is very close to 0. Thieves want to get in, get stuff, get out. Picking a lock takes more time than kicking a door in.
You're probably right that people "feel" more secure, but that perception is misleading.