Scots Favour Cash for Security and Reliability

calendar iconJan 28, 2022

Source

New research shows belief in cash remains strong in Scotland. 47 percent of Scots say they intend to use more, or continue using the same amount going forward, with reliability and security being cited as key motivations.

Conducted by Coinstar—a cash services provider—the study found 71 percent of people believe cash is an important item to have handy in case of a crisis, and 59 percent consider it the most secure payment method.

The survey also explored where people are most likely to use cash, with corner shops coming out on top, followed by parking and taxis, hairdressers and then pubs. When it comes to receiving payment, around five percent of Scots are paid in cash compared to the UK average of around 10 percent.

22 percent of Scots said bank branch closures had caused them significant problems with accessing cash, while 73 percent reported seeing shops refusing to accept cash during national lockdowns. Of those people, 29 percent opted not to make their purchase at all, or else went to another shop that accepted cash.

It was particularly striking to see how important Scots feel coins are to their identity, with more than seven out of ten opposed to getting rid of them.
"Paul Ogle, Managing DirectorCoinstar UK and Ireland

Looking ahead to a post-pandemic future, 80 percent of respondents believe that they have—or should have—a legal right to use cash in shops. 71 percent oppose the idea of getting rid of coins in future, and 67 percent feel cash is important to a shared national identity.

Last Updated: Jan 28, 2022