Brits reluctant to go cashless

Just 33 percent of British consumers are comfortable with a cashless society, according to new research released by Mintel to coincide with the new style 10-pound notes.

The research reveals that cash is still important for the majority of British consumers, with just a third saying they would be happy to go cashless, which drops to just 20 percent for British consumers over 55 years old.

The age group that is most willing to consider a cashless society is Brits aged 25-34 years old, with 46 percent willing to give up cash.

When it comes to the genders, women are less in favour of a cashless society with 28 percent, compared to men, 38 percent. While the regional divide shows that London and Scotland are most comfortable dispensing with cash, 37 and 36 percent respectively. This compares to just 30 percent of Brits living in Yorkshire and Humberside and South East/East Anglia.

Patrick Ross, senior financial services analyst at Mintel, said: “While alternative payment methods continue to grow, the demise of cash has been greatly exaggerated. Many people still prefer using cash, while others simply like to have some cash with them just in case. Although card payments are almost universally accepted in urban areas, cash continues to play an important role in everyday life.”

The top three payment methods used in the last three months are cash (93 percent), debit card (82 percent) and direct debit/standing order (79 percent).