A cashless society? Not yet – just 3% of us use only cards
A cashless society? Not yet – only 3% of us use cards only (but ATMs are disappearing at an alarming rate)
Only 3 per cent of adults in the UK have become completely ‘cashless’ – they never use notes or coins for payments.
Yet some 5,000 bank branches have disappeared from our high street in the past eight years, and more will close.
In addition, more than 15,000 ATMs have disappeared in the past five years.
Banks claim the closures are due to a change in habits, with more people preferring to bank online and pay cashless.
Yet findings from market researcher YouGov show that 97 percent of us still withdraw cash for transactions, and 71 percent want strict rules to prevent banks from fleeing the High Street.
Crucial service: But more than 15,000 ATMs have disappeared in the past five years as more people go cashless
The government has agreed to give customers free access to cash, though the rules have yet to be introduced.
Critics fear this has led to branch closures.
Action group Cash Access UK has been set up to ensure that abandoned communities are provided with banking hubs, where representatives from various High Street banks support the community several days of the week.
Despite a recommendation to open 100 banking hubs, only five have seen the light of day so far.
Five million people depend on cash for their daily budgeting, while two million households have no access to the internet.
t.walne@dailymail.co.uk