New research from cash management experts Loomis UK has revealed that the majority of Brits remain deeply committed to cash.
78% of respondents said all UK businesses should be legally required to accept cash and 72% expressed concern that digital-only payment options exclude vulnerable groups in society.
From the survey of 2,000 UK adults, other key findings revealed 62% of Brits oppose a fully cashless society, but that 41% say they have encountered cash refusal in the past month.
88% respondents say cash is essential in emergencies, citing events like the 2025 European IT outage, and that 72% worry digital-only payments could exclude vulnerable groups.
These findings show that, although they may not use cash every day, Brits are committed to the longevity of physical coins and notes and want the ability to use cash as and when they choose.
This has implications for the retail sector. Over 6,000 UK bank branches have closed since 2015, leaving many small businesses struggling with access to traditional banking services – especially those that rely on the handling of physical cash. In July 2024 alone, the Post Office handled a record £3.77 billion in cash deposits and withdrawals, highlighting that the need for accessible and secure cash services is more pressing than ever, Loomis says.
Shaun Forrester, commercial director, said: “Our findings show that choice is critical. Digital payments are extremely important, but so too is cash. People use it for a wide variety of reasons including budgeting, privacy, security and flexibility.
”Furthermore, there are many people in the UK that don’t have a bank account, no access to digital payment methods, or find it challenging to pay in a way that doesn’t include cash.,
“Small businesses need support in handling and reconciling cash securely. With over 6,000 UK bank branches closing since 2015, we’re urging business leaders and policymakers alike to recognise the public’s clear message - cash still matters.’’
No comments yet