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People turning back to cash as prices rise

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By *0shadesOfFilth OP   Man
over a year ago

nearby

People are going back to cash to keep tighter control on their spending as living costs soar, according to new research by the Post Office.

Post offices handled £801million in personal cash withdrawals in July, the most since records began five years ago. That's up more than 20% from a year earlier.

The government's independent Access to Cash review says

"People will be taking out cash and physically putting it into pots, saying 'this is what I have for bills, this is what I have for food, and this is what's left'."

Is this what people are actually doing ?

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

Probably. It is easier to keep track of and let's face it there's little benefit in terms of interest.

There will also be people withdrawing their savings to bring them under the threshold to claim benefits

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By *RANDMRSJAECouple
over a year ago

chester

It’s how my parents always budgeted but I’m not sure how it’ll work for younger generations.

I can’t see it catching on, I can’t remember the last time I paid for anything with cash

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By (user no longer on site)
over a year ago

Possibly it's also people who used cash before the Pandemic hit, are going back to using it. It is definitely easier to keep track of what you have spent ..

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By *ryandseeMan
over a year ago

Yorkshire

Someone said 'cash is king' so perhaps it is.

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By *icolerobbieCouple
over a year ago

walsall

Your bank can’t deduct what’s not in your account. Do fees & costs are in your hands and not theirs.

Not sure how easy it is to pay utilities with cash though?

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By (user no longer on site)
over a year ago

Cash is easier to keep track of, if you pay by card it can take days before it actually leaves your account. This makes it so easy to go overdrawn and attract bank charges, that's half the reason the banks have promoted card payment to the hilt. Only problem is these days the cash machines are being removed all over the place making it even more difficult.

I for one, refuse to pay by card, if the shop won't take cash, then they don't deserve my custom.

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By *hropshireGentMan
over a year ago

midllands, traveling with work

I am self employed and I have seen massive increase in customers wanting to pay cash and 90% of those expect a 20% discount.

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By (user no longer on site)
over a year ago


"Your bank can’t deduct what’s not in your account. Do fees & costs are in your hands and not theirs.

Not sure how easy it is to pay utilities with cash though?"

Probably a return to the days where the bill came through the post and you paid at the post office or bank with a payment slip

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By *icolerobbieCouple
over a year ago

walsall


"Your bank can’t deduct what’s not in your account. Do fees & costs are in your hands and not theirs.

Not sure how easy it is to pay utilities with cash though?

Probably a return to the days where the bill came through the post and you paid at the post office or bank with a payment slip "

I’d be happy with that.

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By *bi HaiveMan
Forum Mod
over a year ago

Cheeseville, Somerset


"Cash is easier to keep track of, if you pay by card it can take days before it actually leaves your account. This makes it so easy to go overdrawn and attract bank charges, that's half the reason the banks have promoted card payment to the hilt. Only problem is these days the cash machines are being removed all over the place making it even more difficult.

I for one, refuse to pay by card, if the shop won't take cash, then they don't deserve my custom. "

Not really.

My mobile banking app deducts it instantly (shows as pending) and any spending is immediately reflected in the available balance.

Never been a fan of carrying much cash around. Too easy to lose it. If my wallet gets lost or stolen I can instantly block my card on my mobile so no risk of anyone using it, even contactless, whereas any cash in it would be long gone.

I can also spend £1.29 on my card without either ending up with change or getting tempted to spend more if I only have note.

I really don't get the whole 'cashless society' panic that's going around. Even from a business perspective non-cash transactions are beneficial. Most banks don't charge much (or anything) for automated payments whereas they charge just to deposit cash. Utility charges are cheaper on direct debit than pre-payment meters. Online and mobile banking is much easier than going into a branch or checking a balance at an ATM.

And bollocks to the whole 'old people don't understand online/mobile banking' argument. I have family in their 80's that cope fine.

A

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By (user no longer on site)
over a year ago


"Cash is easier to keep track of, if you pay by card it can take days before it actually leaves your account. This makes it so easy to go overdrawn and attract bank charges, that's half the reason the banks have promoted card payment to the hilt. Only problem is these days the cash machines are being removed all over the place making it even more difficult.

I for one, refuse to pay by card, if the shop won't take cash, then they don't deserve my custom.

Not really.

My mobile banking app deducts it instantly (shows as pending) and any spending is immediately reflected in the available balance.

Never been a fan of carrying much cash around. Too easy to lose it. If my wallet gets lost or stolen I can instantly block my card on my mobile so no risk of anyone using it, even contactless, whereas any cash in it would be long gone.

I can also spend £1.29 on my card without either ending up with change or getting tempted to spend more if I only have note.

I really don't get the whole 'cashless society' panic that's going around. Even from a business perspective non-cash transactions are beneficial. Most banks don't charge much (or anything) for automated payments whereas they charge just to deposit cash. Utility charges are cheaper on direct debit than pre-payment meters. Online and mobile banking is much easier than going into a branch or checking a balance at an ATM.

And bollocks to the whole 'old people don't understand online/mobile banking' argument. I have family in their 80's that cope fine.

A"
agreed with the banking app shows me what's pending to & I'd rather cancel my card if lost than loss my money

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By *ryandseeMan
over a year ago

Yorkshire

Leave things as they are so people have a choice as they should. There was a good thread not so long ago about it with some great points why we must retain cash. Will you tip a busker with a card, put your card in a charity collection box etc etc. Not all elderly people are silver surfers and some people with certain disabilities I know don't like electronic transactions and who am I to deprive them of their wish to continue to use cash

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By (user no longer on site)
over a year ago


"People are going back to cash to keep tighter control on their spending as living costs soar, according to new research by the Post Office.

Post offices handled £801million in personal cash withdrawals in July, the most since records began five years ago. That's up more than 20% from a year earlier.

The government's independent Access to Cash review says

"People will be taking out cash and physically putting it into pots, saying 'this is what I have for bills, this is what I have for food, and this is what's left'."

Is this what people are actually doing ? "

I never totally stopped using cash and will still use a combination of both as its easier for me

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By *ce WingerMan
over a year ago

P.O. Box DE1 0NQ

At my local Tesco they have changed all the self service tills to card only, if you want to pay with cash you have to queue up at the tobacco kiosk where there's generally only 1 person serving and most of the self service tills are empty

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By *ranny-CrumpetWoman
over a year ago

The Town by The Cross

People are using the post office because their bank branches are closing.

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By *ooo wet tight hornyWoman
over a year ago

lancashire

I prefer to pay cash as it's easier to keep an eye on what I'm spending. This weekend I've been to the Punk Festival 'Rebellion' and when buying next years tickets it was cash only...what a refreshing change that was

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By *icolerobbieCouple
over a year ago

walsall


"Cash is easier to keep track of, if you pay by card it can take days before it actually leaves your account. This makes it so easy to go overdrawn and attract bank charges, that's half the reason the banks have promoted card payment to the hilt. Only problem is these days the cash machines are being removed all over the place making it even more difficult.

I for one, refuse to pay by card, if the shop won't take cash, then they don't deserve my custom.

Not really.

My mobile banking app deducts it instantly (shows as pending) and any spending is immediately reflected in the available balance.

Never been a fan of carrying much cash around. Too easy to lose it. If my wallet gets lost or stolen I can instantly block my card on my mobile so no risk of anyone using it, even contactless, whereas any cash in it would be long gone.

I can also spend £1.29 on my card without either ending up with change or getting tempted to spend more if I only have note.

I really don't get the whole 'cashless society' panic that's going around. Even from a business perspective non-cash transactions are beneficial. Most banks don't charge much (or anything) for automated payments whereas they charge just to deposit cash. Utility charges are cheaper on direct debit than pre-payment meters. Online and mobile banking is much easier than going into a branch or checking a balance at an ATM.

And bollocks to the whole 'old people don't understand online/mobile banking' argument. I have family in their 80's that cope fine.

A"

Every transaction incurs a cost from r et other visa or Mastercard which businesses have to pay.

The bank apps are useful.

I disagree regarding the elderly.

Some are fine, granted but most that I know are not fine with banks full stop, let alone digital banking!

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By *riskygazMan
over a year ago

birmingham

I used to pay cash all the time, I used to feel silly paying with a card for something that was only a couple of quid, but now I don't think anything of it, even the ice cream van has contactless payment now lol.

They do say cash will be fazed out over time.

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By *imi_RougeWoman
over a year ago

Portsmouth

I just have a budget for each week, still do everything online and pay by card.

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By *ryandseeMan
over a year ago

Yorkshire


"I used to pay cash all the time, I used to feel silly paying with a card for something that was only a couple of quid, but now I don't think anything of it, even the ice cream van has contactless payment now lol.

They do say cash will be fazed out over time."

Let's hope not. I like paying cash for my 99

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By *o new WinksMan
over a year ago

BSE

20% up on last year...when no one was out spending doesn't seem that much of a jump.

Statistics are not always what they seem.

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By *mokes n MirrorsCouple
over a year ago

Plymouth and Newcastle (sometimes)


"Someone said 'cash is king' so perhaps it is. "

We only use cash. Apart from direct debits all our balance is removed and kept at home. No credit cards and nothing on finance so if we ain't got it we can't have it and I'd rather only P and I know what we spend our funds on.

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By *bi HaiveMan
Forum Mod
over a year ago

Cheeseville, Somerset


"People are using the post office because their bank branches are closing."

This is the reason. That and ATM closures.

There are 15,000 odd post offices. Far more than there ever were bank branches, so when the other options are removed it's often the first place people will go.

A

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By *2000ManMan
over a year ago

Worthing

Apart from weekly shop, car service and online, I always use cash.

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