The Scottish Affairs Committee recently met with representatives of banking services to discuss access to, and the ongoing importance of cash in Scotland for consumers of all ages and backgrounds.
Giving evidence, Martin Kearsley, Director of Banking for the Post Office, said the company has recently seen a massive increase in demand for cash services across the UK, which has been especially marked in Scotland. He noted that, in December 2021 alone, the company handled over £60 million in withdrawals and around £180 million in deposits, split fairly evenly between personal and small business transactions.
Bank closures in Scotland have driven more people to use the Post Office to meet their cash needs. There has also been a shift in the demographics of people using these services. The Committee observed ‘there is a perception that mainly older or vulnerable customers continue to require access,’ however the reality is that people of all ages are using cash.
