Cash payments rise for first time in 10 years
Cash payments rose for the first time in a decade last year amid a devastating cost of living crisis, as the British public struggled with rising prices.
But the number of cash payments is still small in comparison with debit card use which accounted for half of all payments – the highest ever level.
It’s quite common for consumers to use cash during financial troubles as many say it’s easier to manage their money.
But it’s expected not to last for long, as UK Finance, who compiled the data, says once the current financial squeeze has eased, cash payments are likely to start declining once more.
Even during cost of living pressures and the emergence from lockdowns, it said nearly 22 million people only used cash only once a month or not at all last year. That compares with just under one million who mainly used cash.
