Cash is king for Christmas
Having cash in your pocket as Christmas approaches remains a prime concern for people across the UK in these tough economic times.
Almost seven out of ten people feel it is important to have cash in their wallets, pockets and purses, according to new, independent research commissioned by NoteMachine, the UK’s largest independent operator of cash machines.
People will be choosing cash over cards this festive season, especially for buying everyday items and for a night out – with one in eight of us still using cash for the main weekly food shop.
And one in five respondents believes it is easier to manage their money this Christmas if they withdraw it in notes from a cash dispenser.
Although high street banks are the most popular location for a cash machine, convenience stores are getting in on the act, with 16 per cent of transactions carried out this way. Those aged between 25 and 34 are most likely to use cash machines in such locations (18.5%) and this same age group is also most likely to visit a cash dispenser over the weekend.
Peter McNamara, Executive Director of NoteMachine, said: “However much we might like to think we are moving towards a cashless society, this survey shows the opposite. This survey bears out our reliance on - and love for - having cash to hand.
“At one time the cash machine only existed on the wall of the bank branch, now they are much more common, from corner shops to pubs, clubs and even high street outlets. The numbers of machines is growing rapidly, too, giving even more choice to consumers.
“That’s good news for the customer who has many more options on where to withdraw their money and it’s good for the people who run smaller shops. If people obtain cash from there, the chances are that they will use that cash to buy goods from the shop.”
Independent research company OnePoll was commissioned by NoteMachine to contact 3,000 credit and debit card holders across the whole of the United Kingdom in one of the most extensive pieces of research conducted in this area.
Among the other highlights are:
A generational difference; older people prefer to carry cash
No widespread move towards contactless technology replacing cash for smaller items
There is no set day for taking out cash – more than half the respondents simply withdraw money as and when they need it
Men are slightly more likely to carry cash than women
There are some marked regional differences. In the South-East of England, 76 per cent of people think having cash at hand is important, while in the North-West the figure is just 62 per cent.
Participants were also given the chance to express opinions on why they carried cash. Convenience, particularly for small purchases and the ability to pay in places that did not accept cards topped the list. That included use in car parks on buses and for charity collection tins.
There was also a worry that conventional card technology might let people down by not working at a time when they needed it.