Parking the car, tipping and a pound coin for the shopping trolley are amongst the top situations Brits have been caught out by not having cash on hand, according to new research.
A survey of 2,000 adults by Post Office found that despite fears of Britain moving to a cashless society, 55% always or often carry cash with them when out and about, with 25% paying with cash two to three times a week. Of those who regularly pay with cash, 46% typically carry between £11 and £30.
The research also revealed that 16% still keep a reserve of coins hidden in the car and 12% even keep a stash of notes in the bedside drawer – just in case.
A distrust of technology
Failing technology is a key reason why many Brits like to have a few quid on them – with 38% of those who carry cash doing so in case their card doesn’t work, and 12% carrying it because they are worried about their phone breaking or running out of battery.
While 15% believe using cash instead of bank cards or mobile phones means they are better able to keep track of spending.
But despite a continued reliance on cash, 41% still admit to regularly being caught out without any cash.
While 24% have felt guilty being cashless when they’ve wanted to tip someone, and 20%have been unable to pay for parking at a cash-only car park. And many have been unable to use gym lockers, vending machines, or amusements at an arcade due to having an empty wallet or purse.
“This research highlights that despite us living in a world driven by technology, there is still a need for physical cash,” said Ross Borkett (Banking Director at Post Office).
“There are many scenarios where cash is still king, whether that’s tipping a waiter, donating to someone on the street, or buying something at a car boot sale or school fete. The fact is that we are not yet a cashless society, and cash is used a lot more than people think. Pounds and pennies are used in so many instances, every single day,” he said.
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