Many Brits think a cashless society is on the cards
Nearly three-quarters (71%) of us think the UK is moving towards a cashless society, according to research from Paragon Bank. And one in three think this will happen in the next five years.
Cash use nosedived last year during the pandemic – with figures from trade association UK Finance showing cash payments plunged by 35% last year to just 17% of all payments, while 27% were contactless.
However, the Government says it intends to legislate to protect the future of cash, and there are various industry initiatives taking place to make sure people will have free access to coins and banknotes.
Paragon Bank’s survey of 2,000 people also found that two-thirds said they used cash less during lockdown than before. However, only one in four (26%) people would see a move towards a cashless society as positive, while one in three (34%) view it as negative.