Nearly Half of Brits See a Cashless Future
Almost half of UK adults (48%) believe they will live to see a cashless society, a new survey by the ATM network Link reveals. With digital payments on the rise, the nation’s money habits are clearly shifting fast.
More People Going Cash-Free – But Cash Isn’t Dead Yet
One in six Brits (15%) now carry no cash at all, a huge jump from just 4% in 2019. Yet despite this trend, 71% still used cash in the last two weeks. That shows even as plastic gets popular, old-school paper notes remain a daily lifeline for many.
Link reports that UK consumers still withdraw around £209 million from ATMs every single day. Though this is down about £100 million since 2019, it highlights cash’s ongoing importance across the country.
New Laws Protect Our Cash Access
John Howells, CEO of Link, praised 2023’s Financial Services and Markets Act, which safeguards free ATM access nationwide. This legislation ensures vital cash services remain open for those who rely on them.
Cashless Future Faces Resistance
Nearly half the public are wary of going fully cashless. Natalie Ceeney, head of the Access to Cash Review, warned millions still depend on physical money and that the UK isn’t ready to ditch cash just yet.
The Post Office backs this up, recording a staggering £3.48 billion in cash transactions last April – proof that demand remains rock solid despite digital growth.
Calls for a Balanced Approach
Lord Holmes of Richmond, vice chair of the All-Party Parliamentary Group on FinTech, urged caution. While digital progress brings huge benefits, he insists financial inclusion must be a priority so no one gets left behind.
A UK Finance spokesperson agreed. They recognised cash payments are falling but stressed many Brits still prefer cold, hard cash. The sector is committed to making sure cash stays accessible for those who want it.
