Cash

Cash deposits and withdrawals remain steady

A Post Office poll has found that one-in-five UK consumers will use cash instead of card payments to help with budgeting during the cost-of-living crisis.

Post offices handled more than £3.2bn in cash in June, new figures reveal.

Post Office’s June Cash Tracker data shows personal cash deposits totalled £1.33bn in June, compared with £1.35bn in May. In Northern Ireland, personal cash deposits exceeded £100m in a single month for the second month in a row with £100.2m deposited. Personal cash deposits are far higher in Northern Ireland than in Scotland (£90.0m) or Wales (£68.4m).

Business cash deposits totalled £1.11bn in June compared with £1.13bn in May. This was the fourth month in a row business cash deposits had exceeded £1bn in a single month.

Meanwhile, personal cash withdrawals totalled £744m in June, dipping 3.4% month-on-month. Overall, £3.21bn in cash was handled by Post Offices in June, compared with £3.27bn in May, £3.14bn in April, and £3.2bn in March.

With the cost of living rising, a new Post Office poll has found that one in five UK consumers will use cash instead of card payments to help with budgeting. More than one-third of respondents (36%) also said they would cancel entertainment and leisure subscriptions such as Netflix or the gym.

Martin Kearsley, Banking Director at Post Office, said: “Postmasters continuing to handle well over £3bn each month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people. Many people will be budgeting now for further financial pressures expected in the autumn.”

Kearslley contintued: “Using cash to budget has been tried and tested for hundreds of years and it’s why we are running our ‘Save our Cash’ campaign to highlight just how important being able to budget with cash is for so many people.”