One in six people ‘need to travel out of their way to access cash’
One in six people say they need to travel out of their way to access cash, the Payment Systems Regulator has found.
Some 16% of consumers said they need to travel out of their way to get cash, with many seeing a trip to an ATM as part of their normal routine, according to a survey for the PSR.
But the vast majority of people (95%) surveyed said they still find it easy to get their hands on cash, despite some needing to go out of their way.
The findings were released at a time when cash machine and bank branch closures have prompted concerns about people’s ability to continue accessing cash easily.
More than four-fifths (83%) of people surveyed across the UK had made a payment using cash in the previous week and over a quarter (28%) prefer using cash.
Two-thirds (69%) of consumers prefer cards for making payments, of which 40% prefer contactless.
Chris Hemsley, co-managing director of the PSR, said: “Cash continues to play an important role in our economy, and while the use of digital payments is growing, most of us still make regular use of cash.”
More than 1,500 people were surveyed.