Britain could be cashless society in 15 years, experts warn

Britain could be cashless society in 15 years, potentially excluding millions of elderly and vulnerable people, experts warn

  • Britain could be a cashless society within 15 years, a report has warned
  • Experts say the move could exclude millions of elderly and vulnerable people  
  • They also fear it could put rural communities at serious risk, and push up debt

Britain could be a cashless society within 15 years, a report has warned.

Experts say the move could exclude millions of elderly and vulnerable people, put rural communities at serious risk, and push up debt levels.

Cash use has halved over the past decade, with debit cards taking over as the most popular payment method last year. Ten years ago, six out of ten transactions were cash. Today it is just three in ten.

Britain could be a cashless society within 15 years, a report has warned 


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Experts are so concerned about the speed at which the UK is moving towards being cashless that a review was commissioned. According to the Access to Cash Review’s first report, published today, if cash payments continue to decline at current levels Britain would see cash use end by 2026 – but it added that this is unlikely.

Even if it is not eradicated, cash transactions will drop to as low as one in ten in 15 years, the report predicts. Review chairman Natalie Ceeney said: ‘If we don’t plan carefully for a world of lower cash, in other words, if we sleepwalk into a cashless society, millions of people will be left behind.’

 

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