With so many headlines being “Cash meeting its Last Days” and more, it is probably common knowledge to many consumers that cash as a purchasing option is dying. This is not the case in the UK though, as many people are still using cash and coins as their main source to pay.
The PSR got in contact with BritainThinks and surveyed more than 1,500 consumers and 500 businesses. This survey revealed that more than 80% of Brits purchased something with notes or coins the previous week.
Brits that budget using cash only seemed to skew the odds a bit, but more than a quarter of the audience still preferred cash over cards. Cash is still used by a sizeable audience and will not be phased out by cards any time soon.
While the survey showed that a majority of consumers preferred to use a card over cash, they still think notes and coins are necessary. For small businesses, 91% of accommodation and food services preferred cash over card, while it was only 50% for more general businesses. All pretty much said they would accept and prefer whatever generates the most revenue.
The UK Government also knows cash is still going to be a safeguard to the future for many years to come and has no reason to stop supporting it.