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Survey measures value Brits place on access to cash

November 2, 2018

New research from Cardtronics UK indicates that local access to ATMs and cash could be a key factor in managing the transition to digital financial services.

Of British consumers polled, 39 percent said they do not feel ready to do all of their banking online if their local bank branch were to close, and 83 percent said it is important to have a free-to-use ATM in their community following a branch closure.

The representative survey of 2,000 U.K. adults shows that consumers increasingly view ATM services as a public utility independent of their relationship with their bank.

In the week before completing the survey:

• 62 percent said they had visited an ATM at least once.
• 31 percent used a free, independently operated ATM.
• 27 percent used an off-premises ATM of a bank other than their own.
• 25 percent used an on-premises ATM of a bank other than their own.
• 25 percent used an on-premises ATM of their own bank.
• 19 percent used an off-premises ATM of their own bank.

Nearly half (45 percent) of respondents said that if the option to withdraw cash were not available in the place where they usually shop, they would move to a location where that option was available.

More than 83 percent of adults surveyed said they regularly carry an average of 25 pounds with them. This compares with 68 percent who regularly carry contactless debit cards. Only 11 percent said they regularly use their mobile phone to pay.

Additionally, 83 percent said they consider cash to be ideal for small purchases, while only 43 percent said the same about contactless payments. U.K. consumers also rated cash high in terms of ease of use (78 percent); speed (70 percent); and convenience (72 percent).

Further, cash is valued as a budgeting tool by the majority of Brits in almost all social groups.

The report can be downloaded at: www.cardtronics-uk.com/healthofcash2018