Six facts about cash

Issue 612: 18 May 2024

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Six facts about cash

Cash has been in steady decline in recent years as many people have turned to different ways of paying. Back in 2006, cash accounted for 62% of payments but it’s predicted that by 2031 this will be down to just 6%.

Overall, cash and ATM use has been slowly declining over the past year. While we saw a steep fall in withdrawals during the pandemic, typically around £1.5bn is still withdrawn from cash machines every week. We know that more people are shopping online and paying for things using their debit card or phone, however, cash remains popular and our research shows its importance when helping people across all age groups to budget. Graham Mott, Director of Strategy, LINK.

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Here’s six facts about cash…

Fact 1: On average UK adults made 15 trips to an ATM in 2024.

On average UK adults made 15 trips to the ATM and withdrew a total of £1,484 during 2023.

Cash is still a vital means of payment for millions of consumers, and LINK’s own research shows that over 70% have used cash in the previous two weeks. Consumers value cash for its speed, simplicity, reliability and convenience and even privacy. Many won’t leave home without it, or still make sure they keep a stash at home, even if it’s “just for emergencies”. Despite more and more consumers moving to digital payments, cash remains useful for most people and is still vital for a significant minority.

John Howells, CEO, LINK.

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Fact 2: London and Northern Ireland have the greatest average ATM withdrawal values

The following graph shows the average cash withdrawal values by Region in 2023 – some variance seen but all significantly above the average values seen prior to the pandemic.

Source: LINK

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Fact 3: The average withdrawal value continues to exceed £85

The average amount withdrawn each time from ATMs continues to increase year-on-year.

This is a very well-established pattern and probably reflects changes in consumers’ shopping, work and travel habits and perhaps a willingness to take out a larger sum, expecting it to last them some time, rather than regular lower values which they only expect to last them one or two days.

Source: LINK

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Fact 4: The Volume of ATM Transactions in March 2024 down on last year by 6%

The second half of 2023 had been pretty consistent overall which means for the year as a whole volumes were down 6% on 2022 and 42% on pre-pandemic 2019.