Britain Turns to ‘Tried and Tested’ Cash

calendar iconApr 14, 2022


Britain’s Post Office, which provides both mail and banking services across its 11,500 branches, handled a record £3.2 billion of cash in March. People across the nation are struggling with rising bills and many are turning to physical money in order to take control of their budgets.

The Post Office reports personal cash deposits were up 15 percent month-on-month at £1.31 billion in March, even higher than the typically busy holiday period in December 2021 when the figure was £1.27 billion. Business deposits saw an equal percentage increase, reaching £1.09 billion, above the previous high of £1.06 billion seen in September 2021.

Personal cash withdrawals have risen 20 percent month-on-month to £779 million. This is only exceeded by the Christmas rush of December 2021 when the figure stood at £801 million.

This is a difficult period for people with rising bills… Cash has been around for centuries and is the tried and tested way of managing a strained budget.
"Martin Kearsley, Banking Director, Post Office

The present trend suggests cash withdrawals over the forthcoming Easter period will be high as Brits frequent venues where cash payments are especially strong, such as cafés, pubs and other facilities across the hospitality sector.

While bank branches are likely to close over the Easter weekend, ATMs and Post Office branches will remain available to meet the forecast demand. This underscores the importance of recent research into cash access across the nation and a newly-signed agreement that will allow the Post Office to continue providing cash services until at least 2026.

Last Updated: Apr 14, 2022