Britain becoming a cashless society

Preference for debit and credit cards over cash when shopping is turning Britain into a cashless society.

Research undertaken for thinkmoney has shown that just over one in 10 respondents (11 per cent) had no cash on them at all; this is almost double the number of people who said the same when questioned in September 2013.

Fifty per cent of those who were carrying money had less than £20, and one in five had less than £5, the survey found.

Young adults were the least likely to be carrying cash, with 16 per cent of 18 to 24-year-olds saying they had no cash in their wallets or purses. While just 7.6 per cent of adults aged over 55 said the same.

Fifty-eight per cent of respondents said they would prefer not to use their card to buy something small such as a newspaper, drink or snack.

Ian Williams, spokesperson for thinkmoney, commented: “Paying for items on your card – whether they’re small transactions or not – can make it easier to keep track of your finances. Whenever you pay for something using your debit card, the details are listed on your financial statement for you to check.”

Whereas with cash the only records seen are withdrawals, he added.  QCK