The old trick to manage the cost of living crisis

Households have turned to physical cash to help them budget as the cost of living skyrockets.

Roughly a quarter of British citizens, equivalent to 15 million people, regularly use cash to keep track of their spending, according to a survey by consumer group Which?.

A fifth of consumers who do not regularly use cash, a further 6 million people, said they were now considering using notes and coins more often if the cost of living worsens.

However, they may face a difficult task as communities see access to, and acceptance of, cash dwindle.

Some 4,685 bank branches have closed their doors permanently since 2015, and 12,178 free-to-use cash machines have closed since 2018.

Meanwhile seven Parliamentary constitutions have seen every bank branch close their doors in the last seven years. A further 17 constituencies, accounting for more than 1.5 million people, now have limited access to cash, previous Which? report found.

Low income households are the most likely to depend on cash, the survey found. Over a third of those on salaries of less than £20,000 said they found notes and coins easier to budget with than cards.

Leave a Comment