Over 70% of population does not expect to be paying with cash in 5 years’ time
April 26, 2016: A new research reveals that a third of Brits believe cash will be extinct within the next 15 years.
The study of 1,500 people by leading media agency Starcom also found that the vast majority of the nation expects the one penny coin to disappear first, followed by the two pence coin and the £50 note.
Around 73% of the population does not expect to be using cash in five years’ time, with the nation moving towards contactless payments as well as mobile wallets and apps.
British men are more comfortable than women at the prospect of a cashless society, with 52% citing they are unconcerned about living in a cashless world, compared to only 39% of women.
The research further revealed that six in 10 Brits prefer having cash in their pocket and a similar level — 57% — believe that technology is less secure than hard currency
Brits are also concerned that the consequences of a cashless world will mean a “lack of control of our finances and savings”, with 49% believing it would mean they won’t realise how much we are spending. Overall, a quarter of respondents said they “feel more secure and prepared when carrying cash”.
The study further reveals that Brits, on average, carry £20 of cash on them every day.
Pippa Glucklich, co-CEO Starcom, said: “The way we spend, save, invest and earn is being disrupted by new technologies and innovations at a rapid pace. In fact, this survey shows that the vast majority of Brits believe cash will become obsolete, if not extinct, in the near future.
“This supports a wider trend we are consistently seeing where innovation around mobile wallets, wearable tech and biometric payments is fast transforming the traditional view and relationship between cash and shopping.
“All brands and businesses need to think about how they engage, inform and guide consumers through this transitional journey. Those at the forefront of embracing the technology on offer to make this transition will clearly have the edge.”
The survey was carried out as part of a wider in-depth global research project by CulturePulse, Starcom’s proprietary approach to global consumer knowledge and insights, titled ‘The Future of Money’.