Eight percent of Brits use cash ‘all the time’ and 76 percent of the rest say they carry cash for emergencies, according to new research from UK bank NatWest.
Other findings included an increasing reliance on cash in certain contexts, particularly in spending and budgeting scenarios. 54 percent of vulnerable individuals say cash is ‘essential’, up from 27 percent two years ago. Over a third of low-income cash users were wary of the fraud associated with digital payment options. Overall, 48 percent of respondents said they ‘often or always’ carry cash with them.
The research—conducted by Savanta for NatWest—saw over 2,000 people across the UK questioned about their cash habits in August and September this year. It preceded an event held in late November by NatWest exploring the future of cash, recognising its importance to modern British life.
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- Mark Brant, Chief Payments Officer, NatWest
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- Cash remains important for many of our customers, and there’s an important job for us to support those who continue to use cash as payments and services become increasingly digital.
Rising recognition of the importance of cash is a positive step, however there remains much work to be done on ensuring cash is available to and usable by everyone. The introduction of UK-wide regulations addressing lack of access are a strong start. Next, it would be helpful to see commercial banks leading—rather than following regulations—on ensuring a full range of cash services are available equally, nationwide, including coverage in rural areas.
