Cashless future a myth - Alliance & Leicester
05 April 2004 | 5702 views | 0
Despite predictions of a cashless future, one in ten (11%) people in the UK expect to be using more coins and notes in five years' time, according to a survey by Alliance & Leicester Commercial Bank.
Only 15% of respondents said they will be using less cash in 2009, while almost half (41 per cent) don't expect any change.
The bank says the vast majority of Britons (82%) still rely on cash for purchases under £10 and seem to be reluctant to change this. Russell Carter, head of cash marketing, Alliance & Leicester Commercial Bank, adds: "People feel more in control of their spending when they use cash as they can see exactly what they are handing over."
The research found that the younger generation are more inclined to use coins and notes in the future - with over a quarter (27%) of 16-to-24 year olds predicting they will use more cash in five years' time compared to less than one in ten (9%) of 35-to-44 year olds.
Looking to the future, respondents are unsure about the longevity of sterling - the research found that more than one in three (37%) expect to be using the euro by 2009.