Money experts have expressed their disappointment over the death of cash as a result of the pandemic, which has encouraged the use of contactless payment.
Last year, 30.2 million cash withdrawals were made from cash machines across the country, a 19% increase over the previous year. However, the use of cash remains low.
Bank branch closures have raised concerns about people’s ability to obtain cash.
Cash withdrawals have recently been steadily declining, with a particularly sharp drop seen at the start of the coronavirus pandemic.
Simon Lambert of This is Money explained how he had £50 in his wallet but hadn’t used it in over two weeks because he no longer used cash.
He cited a Nationwide report on the decline in cash use, joking that the reason was “obviously, because we’re all going to get Covid from bank notes.”
“I’d love to see someone do a study one day that shows whether anyone ever managed to catch Covid from a bank note or a coin,” he continued. That whole catching it from touching stuff panic was proven to be false and exaggerated.”
This is Money’s pension and investment editor, Tanya Jefferies said: “I do it out of principle to some extent, going to a cashless society would be a very bad thing.
“I don’t think we ever could, people need to pay some things in cash which do not go through cards.
“From handing out money to homeless people on the streets to handing out a fiver to a young niece…”
“I really hate the idea that every single time that I spend, however innocent, will be recorded somewhere by the central bank.”