Credit cards not always substituting cash

Young people want to drop cash in favour of credit cards, it emerged today.

A report from the Post Office says that 62 per cent of people aged 25 to 34 prefer plastic transactions to cash when making purchases under £10.

The figure contrasts with the 50 per cent of people who prefer to hand over hard currency.

Moreover, a quarter of Britons will not use their cards for items worth less than £20, and 22 million refuse pay for smaller items by card.

Graham Halliday, Post Office banking and financial services director, said: “The cash nation survey raises the cash versus plastic debate and whilst younger generations feel more comfortable using debit or credit cards for some of their smaller transactions, as a nation, we still love good old fashioned cash.”

A majority of consumers, including young people, prefer to use cash when making transactions for less than £5.

Mr Halliday went on: “Whilst the younger generation turn to plastic it seems the majority of us are content with our cash and certainly seem to prefer carrying good old fashioned cash in our pockets, dispelling the myth that the UK has become a cashless society.”

© Adfero Ltd

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