UK Sees Record Cash Withdrawals Amid Save Our Cash Campaign
Aug 23, 2021
The UK Post Office has reported a record £2.87 billion in cash deposits and withdrawals this June. The news comes amid an ongoing Save Our Cash campaign, highlighting the reasons cash matters to a wide cross section of society.
The Post Office reports £2.2 billion of cash was deposited in June—over £1 billion by businesses—while personal cash withdrawals stood at £636 million: the highest figure, excluding the busy Christmas period, since the start of lockdowns in March 2020.
Its July survey of more than 500 small businesses across Britain found two-thirds believe the continued use of cash will prove important to the retail industry’s COVID-19 recovery. 18 percent said they rely on their local Post Office branch for cash and banking services.
The ability to withdraw cash securely over the counter is helping consumers who rely on cash to access it locally, resulting in more cash being spent with small businesses within local communities.
Save Our Cash Day took place on 9 July, and continued on social media throughout the month, with communities across the nation raising awareness of the need to support access to, and the right to pay with physical money.
Post Office research found 72 percent of British consumers believe cash is an important consumer right. The majority were concerned about the ongoing closure of bank branches, with a third reporting they had been personally affected by the issue. More than half said cash gives them a sense of safety and security, and over a third would feel ‘excluded, or that there were things they could not do’ were cash to be removed as a payment option.
Ensuring everyone in our communities continues to have access to cash is fundamental. We cannot forget those across the country who continue to rely on it—from millions of small businesses to ordinary people who use cash to budget, save and survive.
The Save Our Cash campaign includes a range of videos exploring the many people who choose, or depend upon cash in their daily lives, such as the journey of a £5 note throughout a day and how cash can help people escape from abusive relationships.