Cash usage in the UK has unexpectedly risen for the third year in a row despite concerns after the pandemic that it would all but die out.
According to building society Nationwide, nearly 33 million withdrawals were made from its ATMs last year – a 10% increase on 2023.
A 2021 study suggested that the UK could become an entirely cashless society by 2026 if trends of declining usage continued. That same year, the number of payments made with cash plummeted by around 50% as consumers were encouraged to use contactless in the wake of the pandemic.
But cash remains vital for many people, particularly vulnerable groups including the elderly and domestic abuse victims, who may not have access to other payment methods.
Nationwide said the recent surge in cash usage could be due to recent surges in the cost of living that have forced people to think more carefully about their budgets. In total, it recorded around 32.8 million cash withdrawals from the 1,260 ATMs at its 605 branches in 2024. The...