As paying with plastic continues to become more popular through the UK the number of cash transactions have fallen dramatically, so much so that one survey has suggest that at least 11% of us no longer use cash at all.
This news comes from a new study conducted for alternative bank account provider thinkmoney, which showed that over one in 10 respondents typically carried no cash, nearly twice as many as was found in a similar study from last year.
Of those asked who answered yes to carrying cash half of them had less than £20 and one in five (20%) had less than £5.
The survey found that overwhelming, young people were least likely to carry cash, with 16% of those under 24 responded stating that they typically had no cash on them. At the other end of the scale, only one in 20 (7.6%) of over 55’s did not carry any cash. It was also found that men were more likely to not carry cash, with 13%, compared to just 8.1% of women.
Despite the findings there is still some hope for cash, as more than half of respondents stated that they wouldn’t use their card to pay for small transactions, such as for a newspaper, pint of milk or snack purchase, making cash still the payment method of choice for low value transactions for most consumers.
Source: thinkmoney – June 2014