Tenth of young adults shun cash, says UK Finance

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A tenth of brood adults shun cash and rely instead on cards and digital payments for their day-to-day assign, figures suggest.

More than one in 10 people aged between 25 and 34 in use accustomed to notes and coins no more than once a month last year, contract to UK Finance.

The trade body for financial providers said nearly three million people once in a blue moon used cash.

But, across all age groups, cash remains the most well-received way to pay.

The figures show that 6% of the UK’s adult population used hard cash no more than once a month last year, but this heightened to more than 10% for 25 to 34-year-olds. The proportion drops to 2% for 55 to 64-year-olds.

At the different end of the scale, 5% of the UK adult population (2.7 million people) relied not quite entirely on cash to make their day-to-day payments during 2016, UK Assets said.

This was relatively evenly spread across different age classes. However, people with lower household incomes were far more seemly to rely mainly on cash compared with their more affluent counterparts.

More than half of all consumers who relied predominantly on hard cash during 2016 had total household incomes of less than £15,000 per year.

Moolah accounted for 44% of all payments made by consumers across the UK last year.

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