Vote now: how much of your trade comes from cash?
Post Office figures revealed the company handled a record £801m in personal cash withdrawals in July, with more than £3.3bn in cash deposited and withdrawn over the counter, the first-time figures have crossed the £3.3bn threshold in Post Office’s 360-year history.
Post Office banking director Martin Kearsley said: “Our latest figures clearly show Britain is anything but a cashless society.
“Postmasters handling more than £3.3bn in a single month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people.”
Record levels
Personal cash deposits totalled £1.35bn in July, up 2% month-on-month (£1.33bn June 2022), while business cash deposits totalled £1.13bn in July, up 1.9% month-on-month (£1.11bn June 2022).
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How much of your trade is paid for with cash?
Less than 25%
56%35%
21%50%
7%75%
7%90%
5%100%
4%
The company attributed part of the record level of personal cash withdrawals at its 11,500 branches to Brits opting for staycations.
According to Post Office research, 71% of the nation had organised a holiday in the UK this year and planned to take cash out before leaving for their vacations.
This comes as last month saw the British Beer & Pub Association (BBPA) urge holidaymakers to visit the pub as part of their staycations with £2bn generated for the economy from 1.7bn UK day trips, 50m of which were to pubs, in 2019.
Cultural institution
BBPA chief executive Emma McClarkin said: “We’re all feeling the pinch at the moment with rising costs all around us, but us Brits don’t need to spend money on travelling far, because we are lucky to have a world-renowned cultural institution on our doorstep.
“We’re encouraging people to get out and explore the UK, and head for pubs not only for a pint but to eat and stay as well.”
Furthermore, the Post Office stated it had processed more than 600,000 cash pay-outs for those eligible to receive energy bill support from the Government, totalling some £90m and providing people with an opportunity to pay energy bills, top up gas and electricity meters or use the cash to budget.
Kearsley added: “We’re seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget.
“Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical.”
