News
Half of UK adults say they’ve had issues paying with cash
New research published today by LINK, the UK’s cash access and ATM network, shows 50 per cent of people have recently been somewhere that did not accept or discouraged the use of cash, a 22 per cent increase on last year.
The new data forms part of LINK’s regular research to understand how and where people are using cash and wider payments. In November, the Treasury Select Committee opened a new inquiry to investigate cash acceptance and LINK has submitted evidence.
When asked which locations had not accepted or discouraged cash, parking was the most common. Over one-fifth (21%) highlighted parking as an issue, up from 11% last year. This was followed by cafes and restaurants (20%) with public transport and pubs in joint third on 10%. Of those surveyed, 59% say it caused inconvenience, an increase from 48% last year. Interestingly, while digital and card payments continue to become popular, especially across more affluent groups in society, the data is consistent across demographic groups with 54% of ABC1 and 56% of C2DE groups highlighting frustrations.
The other headlines show:
- The most popular payment methods are using contactless (43%), mobile wallet (22%) followed by cash (19%).
- The most popular location to use cash is convenience stores, followed by supermarkets and giving cash to friends and family.
- 73% of people say they have used cash in the past two weeks, a number which has remained consistent over the past few years.
- 80% of respondents said it’s important to have the choice to pay with cash. The most popular reasons are payment choice (66%), the preference of the person being paid e.g. tradesmen or as a tip (54%) and cash is easier to pay friends and family (42%). Respondents also highlighted the benefits of cash for managing budgets, being more secure and feeling more tangible than using a card or phone.
Graham Mott, Director of Strategy, LINK: "Throughout the pandemic and the cost-of-living challenges, while more people are choosing to use digital payments, cash remains resilient and people like using cash and certainly like having the choice to use it if they want.
"Mandating cash acceptance in other countries has not always been successful and many businesses have already transitioned away from cash as demand has fallen. However, there is still a huge reliance on cash alongside the growing risk of digital exclusion. It is important that there is debate about how this issue is addressed."