The UK risks “sleepwalking” into becoming a cashless society with millions of people disadvantaged as a result, a study has concluded.
Banknotes and coins are a necessity for eight million people, according to the Access to Cash study.
The report, authored by ex-financial ombudsman Natalie Ceeney, said a cash-free society would create problems for those in debt or living in rural areas.
Last year, debit cards overtook cash as the UK’s most popular payment method.
Cash use has halved in the past 10 years, with notes and coins now handed over in three in every 10 transactions. Cash use is forecast to halve again in the next decade.
