News

Cash preferred by Brits during holidays

December 11, 2008

LONDON — Cash is the preferred spending method for Britons this holiday season, in response to the economic credit crunch, according to new research from ATM software provider Level Four Software Ltd.

According to Level Four, 43 percent of British consumers say using ATMs for cash helps them control spending, which 38 percent rely on debit and only 10 percent rely on credit cards for spending management.

"U.K. consumers are very keen to make their budgets work in these tough times," said Ian Kerr, Level Four's chief executive. "The survey has shown that using cash, accessed through the ATM channel, is one way to focus attention on personal budget management. Banks have recently suffered from some bad publicity and may need to re-build a level of trust and confidence with the general public. Banks will be working hard to maintain the availability of the cash-dispensing network during this Christmas season to show commitment to give customers easy access to resources that can help them spend responsibly."