22nd May 2015
Britons are shunning notes and coins, with cashless payments now the favourite way to pay.
According to budgeting account provider thinkmoney, cashless payments have now officially overtaken cash as the UK’s favourite way to pay and younger generations are leading the way.
Almost half of UK adults have decided to leave their coin purse behind as 44% of people said they were carrying less than £10 in cash when polled.
A third were carrying less than £5 and 11% had no cash on them at all.
However, older generations were more likely to be carrying money. A total of 41% of 18-to-24 years olds had less than £5 in their pocket, double the amount of over-55s carrying this small amount.
Just 6% of those aged 18-to-24 said they held £50 in cash, compared to three times as many over-55s.
Despite the shift, we’re still a long way from a cashless society as 60% said they would not use a debit card to pay for small items like a pint of milk.
Ian Williams of thinkmoney, said: ‘It’s really interesting to see that younger people are moving away from making cash payments. Paying for items on card means that you will always have a record of your purchases, making it much easier to budget and control your finances.
‘It also means that you have a higher level of protection, as dropping a bank card is much less disastrous than dropping a purse or wallet full of notes. It’s clear that cashless payments are becoming the way forward, but it’s good see that we haven’t quite let go of our beloved British banknotes just yet.’