I was interested in a new report, the Access to Cash Review, which shows that UK could become a cashless society in the next 25 years. No cash, no worries? Well not quite. Dig a little deeper and you'll find that nearly 25 million people would struggle without access to cash.
Key quotes that grabbed my attention included:
- “We are at risk of ‘sleepwalking’ into a cashless society which could cause ‘significant harm’ for millions not yet ready and still unsupported by digital innovations”
- “In 15 years’ time, the report estimates cash transactions will account for just 10% of all transactions.”
- "The report concludes: "To address these risks we need to keep a reliable and effective cash infrastructure in place for those who need and choose to use cash while developing digital solutions the work for everyone. As Britain moves towards a more cashless society, we must not leave anyone behind."
The march towards technological innovation always has consequences.
In fact, the report concludes we are at risk of ‘sleepwalking’ into a cashless society which could cause ‘significant harm’ for millions not yet ready and still unsupported by digital innovations. Which? is campaigning to ensure everyone who needs cash can still use it, calling on the government to give either the Bank of England or a financial regulator the duty to protect access to cash.