More People in UK Say They Prefer Cash
There is a common saying in business: "Cash is king."
It means that having cash available is important and useful, especially in difficult times.
But in recent years, people in the UK have been moving away from cash. In 2022, half of all purchases were made using a card.
But in 2023, there was a surprising increase in the number of people preferring to use cash for their daily spending.
According to a banking group called UK Finance, last year there was a 66% increase in the number of people who said they preferred buying things with cash.
UK Finance estimates that about 1.5 million people in the UK mostly used cash in 2023, up from 900,000 in 2022.
The group said this may be because times are difficult and using cash helps people manage their spending when they have less money available.
On social media in 2023, some people shared an idea they called "cash stuffing," which means saving money by putting it in envelopes to be used for different things.
This may make it easier to see the money you have, and might stop you from making impulse purchases.
But it's also risky to have large amounts of cash at home.
However, while cash is king for some, the number of people who have stopped using it — or who only use it about once a month — has also increased.
UK Finance says the UK is moving closer to becoming a "cashless society," with more than 22 million people making almost all of their purchases with a card in 2023.
For some, using a card — or tapping a watch or a phone to pay — is much more convenient than cash. But others say it's important that those who want to use cash are still able to do so.
