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Are Britons going back to cash to better understand the cost of living crisis? Nationwide reports that ATM usage is up for the first time in 13 years
- Due to the rising cost of living, the use of cash is increasing by 19% in a year
- About Last year, 30 million cash was withdrawn from ATMs across the country
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Cash use has risen for the first time in 13 years, according to data released by the UK’s largest building society, Nationwide.
It showed that more than 30.2 million cash was withdrawn from ATMs across the country last year – an increase of 19 percent from 2021.
The number of cash withdrawals has been steadily declining in recent years.
At the start of the pandemic, ATM withdrawals nationwide fell by more than 40 percent in a year.
Note to self: Nationwide says cash use is up for the first time in 13 years
While cash withdrawals remain well below pre-pandemic levels, the average amount withdrawn (£105) was 25 per cent higher than in 2019, before the pandemic began.
Nationwide believes people are now returning to cash to better cope with the rising cost of living.
Otto Benz, Director of Payments at Nationwide Building Society, said: “For the first time in years, we are seeing a natural increase in cash withdrawals as people return to using cash to avoid going into debt due to the rising cost of living.”
The average amount withdrawn from ATMs nationwide was £105 last year, down two per cent on the previous year but still up 25 per cent on 2019.
Nationwide has more than 1,200 free-to-use ATMs across the country, both inside and outside its branches.
On top of enabling customers to take cash, they allow them to check their bank balance, pay up to 30 notes in cash or pay up to £2,000 in checks per transaction.
They also allow customers to deposit cash or check via envelope, pay bills or transfer money to existing payees, change or unlock their PIN, and view and print a mini statement.
ATMs for more than cash withdrawals – half of the transactions are deposits or mini statements
These multifunctional ATMs ensure that cash withdrawals are only part of the picture.
According to Nationwide, nearly half of all transactions are for other services — from printing mini-statements and paying bills to changing PINs and paying cash and checks.
Rising: ATM withdrawals have been falling for years, but rose in 2022 as people used cash to budget
Over the past five years, Nationwide has seen a 34 per cent increase in the number of times its ATMs are used to deposit money into accounts, with the average amount deposited rising to £277 – a 37 per cent increase over five years past.
Otto Benz adds: ‘ATMs play a vital role in society, making it easy for people to access cash.
“Over the years, however, they’ve given people more options to manage their money, whether that’s checking their balances or paying a household bill.
“Our data shows that people are clearly benefiting from this improved technology as we put more and more money aside and get it out again.
Far from the end for cash, it shows that the future of money management is constantly evolving.
“Taking advantage of the additional services offered by ATMs can be a quick and convenient experience.”