As part of the survey, participants were asked what concerns they'd have in a cashless society and 70% said that they would not have the peace of mind that comes with carrying cash.
Some key figures include
In the UK,
- 97% of people carry cash on them;
- 85% of people keep cash in the home;
- 16.5% of people keep more than £100 in their home;
- The average amount of cash people carry on them is £41; and
- The average amount of cash people keep at home is £84.
When asked about concerns about a cashless society,
- 74% say we would all be more vulnerable to cyber-attacks;
- 69% say charities and the homeless would suffer as they wouldn’t benefit from people having small change;
- 60% say people wouldn’t have the peace of mind of having spare cash in their pocket.
- 74% say some older people would find it difficult to do everyday things like pay bills; and
- 75% say vulnerable groups of people would be more likely to get scammed or defrauded.
In July 2018, the Access to Cash Review was launched, chaired by Natalie Ceeney CBE, to look at the future of cash access across the UK. The review was commissioned as a response to the rapid decline in cash use, with growing societal concerns about whether we’re leaving people behind – unable to either use or access cash in an increasingly digital society. The review is being funded by LINK, the UK’s largest cash network, but is independent from it.