Earlier this year, the Access to Cash Review Panel was set up to consider consumer requirements for cash over the next five to fifteen years. Alongside others , I was invited to be a member of the panel.
At the end of July, we published a Call for Evidence and, in parallel, conducted a series of workshops across the United Kingdom. From this, we learnt that:
- Cash use in the UK has halved in the past 10 years and is forecast to halve again in a decade’s time. In 15 years, one in every ten payments could be in cash.
- However, cash remains a necessity for approximately eight million people (17% of the population).
- If we go cashless too quickly, exclusion risks include: threats to rural communities; social isolation; a rise in debt; financial exploitation; and stigma towards those who rely on cash.
Today (19th December), we have published our interim report “Access to Cash – Is Britain Ready to go Cashless”. This can accessed here
In Spring 2019, we hope to publish the final report which will include recommendations for government and the industry to ensure that no one is left behind as we move towards a cashless society.