UK Finance found that in 2016, cash was exclusively relied upon by 2.7 million people in the UK. Further still, 15.4 billion payments within the country were conducted with cash, making up 40% of all payment and 44% of all consumer transactions. That's a lot.
There were 2.9 million consumers who rarely used cash in 2016, representing 6% of the UK’s adult population. People in younger age groups are more likely to be rare cash users than people in older age groups, with more than one in ten of those aged 25-34 making one cash payment each month or no cash payments at all.
At the opposite end of the scale, there were 2.7 million consumers (5% of the adult population) who relied almost entirely on cash to make their day-to-day payments during 2016. These people were relatively evenly-spread across different age groups. However, people with lower household incomes were far more likely to rely mainly on cash when compared with their more affluent counterparts. Over half of all consumers who relied predominantly on cash during 2016 had total household incomes of less than £15,000 per year.
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