A recent survey conducted by cash access and ATM network Link has found that nearly half (48%) of people expect to witness a cashless society during their lifetime.
The study also revealed that one in six individuals (15%) no longer carry cash on their person, a notable shift from the mere 4% reported in 2019. Despite this trend, approximately seven in ten respondents (71%) still rely on cash for everyday transactions, having used it in the previous two weeks.
Link’s data further indicates that UK consumers continue to withdraw £209 million daily from cash machines. While this amount has decreased by approximately £100 million since 2019, it underscores the ongoing importance of cash access in the country.
John Howells, CEO of Link, emphasised the significance of legislation passed in 2023 under the Financial Services and Markets Act. This legislation aims to protect access to cash, ensuring that a national network of free ATMs and banking hubs remains available to those who need it.
However, concerns persist. Nearly half of respondents (48%) expressed reservations about a cashless society. Natalie Ceeney, chair of the Access to Cash Review, highlighted the barriers faced by millions of people who still depend on cash for various reasons. She asserted that the UK is not yet ready to fully embrace a cashless future.
The Post Office, which operates as a banking hub, reported record cash transactions totalling £3.48 billion in April. This underscores the continued demand for cash-related services, even as digital payments grow.
Lord Holmes of Richmond, vice chair of the All-Party Parliamentary Group on FinTech, urged a balanced approach. While acknowledging the benefits of digital transformation, he emphasised the need to ensure financial and digital inclusion for all.
In response, a spokesperson for UK Finance acknowledged the declining trend in cash payments but emphasised that many people still prefer using cash. The finance industry remains committed to providing access to cash for those who choose to use it.
