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42% of consumers rely on cash to help them balance during the cost of living crisis

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New research reveals that about 42% of people prefer cash to keep track of expenses as the cost of living crisis continues.

Another 40% say using cash at the grocery store helps them spend less and stay within their budget, according to a Money.co.uk survey.

It found that 65% of people spend more when they use their card and many find it difficult to keep track of their spending.

The research comes at a time when millions of consumers are grappling with a cost-of-living crisis with rising bills.

Many now have to find new ways to cut costs in order to get by.

The survey found that those who earn less (£15,000 or less) expressed the greatest concern about the UK becoming cashless, while those aged 55 and over are significantly more concerned about a cashless UK than any other generation. .

It comes at a time when the UK has seen 14% of ATM depletion since 2010.

However, the government plans to introduce a new bill that would protect access to cash.

By ensuring access to withdrawal and deposit facilities across the UK, the Financial Services and Markets Act will be able to maintain and strengthen the UK’s position as a global leader in financial services, he said.

James Andrews, personal finance expert at money.co.uk, said: “Our research revealed that 65% of people say they spend more when they use their card or contactless payment device instead of cash, which doesn’t bode well for those struggling to budget during a crisis. cost of living.

Several respondents also said that using cash instead of a card when doing simple things like grocery shopping or eating out will help them spend less, demonstrating that access to money is vital for people hardest hit during the crisis.

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“Alarmingly, our research also found that despite the true cost of living required to access cash, more than one in ten UK ATMs have disappeared in the past 10 years.

“Digitalization is a good thing in theory, but when sectors of society are struggling to make ends meet and find money that is easy to balance, then something needs to be done to slow down the scale at which ATMs are disappearing.”

Some experts predict that with the government’s new bill – and with the development of technology – the way we access money can be changed in the future.

Salman Haque, a personal finance expert, said: “The global pandemic has encouraged many countries to use contactless payments instead of cash, which has resulted in some countries running out of ATMs across Europe. The UK has seen 14% fatigue Over the past 10 years, which basically means more than 1 in 10 have lost.

“Like most technologies, such as smartphones or computers, experts predicted that ATMs would evolve to include integrated fingerprints or facial recognition and could give us access to financial advice.

“In addition, they can take on more traditional bank teller functions, which may allow us to open new accounts, transfer funds between existing accounts, or make secure payments.”

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Earl Warner

"Devoted bacon guru. Award-winning explorer. Internet junkie. Web lover."

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