New research from Diebold Nixdorf has found that over 50% of the public are still using cash on a weekly basis, reinforcing the importance of access to cash as lockdown restrictions ease.
The use of cash across age groups remained relatively consistent, with 61% of 55 year-olds and over using cash in the last week, compared with 56% of 35-54s and 46% of 18-34s. Only 13% of the 2000 survey respondents said they had not used cash for a transaction within the past month.
Commenting on the statistics, Matt Phillips, VP, Head of Financial Services UK & Ireland, Diebold Nixdorf, said: “With communities reopening and lives returning to something similar to our previous normality, including increased visits to pubs, restaurants, hairdressers and shops, it is vital that customers have choice over how they pay and the ability to access cash.
“It is evident that cash still plays a huge role in the lives of many across the country and will do long into the future. Supporting access to cash and banking services for consumers and businesses remains a focus for the industry post-lockdown.
“As the impact of Covid-19 continues to accelerate change in how consumers want and need to access cash and banking services, the industry continues to review its operating model to ensure it is fit for responding to the breadth of consumer needs now and anticipating what they will be in the future. Maintaining breadth will underpin success. We envisage it leading to a rise in the blending and increased flexibility of services including self-service terminals, in-branch experts and the continued evolution of online and app-based services. Essentially fulfilling the needs of all consumers and businesses.”