NEWS20 November 2015

Half of Brits think only cash is secure

Finance News UK

UK — While two in five ( 39%) of British people believe a cashless society is inevitable, a larger contingent ( 50%) think cash is the only payment method that’s 100% secure in new research from Mintel.


Research into consumer payment preferences found that 52% of all Brits do not see the need to change the way we pay for things and the same number ( 52%) said that using cash is the easiest way to keep track of spending.

Although cashless payment is increasing, the vast majority of people still use cash frequently, with nine in 10 ( 89%) Brits saying they have used cash within the past two weeks (research was carried out in July).

Younger consumers are the most likely to think that a cashless society is inevitable – 43% of 16- to 34-year-olds compared with 32% of over-55s.Young men remain the most convinced Britain will operate in a cashless society, with 47% of males aged 16- to 24-years-old believing this.

However James Frost, UK CMO, Worldpay, said the evidence from its 300,000 business customers showed that nearly 60% of 25- to 34-year-olds would prefer to never carry cash.

“The way we pay for things has evolved more in the past five years than in the 40 years before that, however, so it’s no wonder that a few people need time to catch up. I’ll be very interested to see the results of the Mintel survey in three years’ time to see just how much the picture has changed,” he said.