NEWS25 April 2016

73% of Brits don't expect to be using cash in five years’ time

Finance Innovations News Trends UK

UK — A new study has revealed that a third of Brits believe cash will be ‘extinct’ within the next 15 years.

Cash card crop

According to the study of 1,500 people, carried out by media agency Starcom, 73% of the population don't expect to be using cash in five years’ time.

British men are seemingly more comfortable with the prospect of a cashless society than British women, with 52% of men and only 39% of women stating that they are ‘unconcerned about living in a cashless world'. Those aged 18-35 are also more relaxed about the idea, while the older population are more concerned. 

The vast majority of those surveyed anticipate that the 1p coin will disappear first, followed by the 2p coin and the £50 note.

There are some concerns related to the idea of a cashless society: 49% believe it would mean they won't realise how much they're spending, and a quarter of respondents said they felt more secure and prepared when carrying cash. 

“The way we spend, save, invest and earn is being disrupted by new technologies and innovations at a rapid pace," said Pippa Glucklich, co-CEO of Starcom. "In fact, this survey shows that the vast majority of Brits believe cash will become obsolete, if not extinct, in the near future.

“This supports a wider trend we are consistently seeing where innovation around mobile wallets, wearable tech and biometric payments is fast transforming the traditional view and relationship between cash and shopping.

“Whilst there are many positives to a world without physical cash, issues around security and control are quite naturally front of mind for many of us. Unsurprisingly, in terms of age, Millenials will most easily adapt."