Cash is Checking Out as More Than Half of Brits Don’t Carry It, According to New Research

LONDON, UK – 6 December 2021 – Samsung Electronics Co., Ltd – A new nationwide study has found that 52^[1] percent of Britons claim they very rarely or never take cash out with them on routine trips, instead using their card or mobile phone to make payments.

In fact, only 14 percent of the nation always carry cash – and just 8 per cent of 18-to-29-year-olds.

Overall, a staggering 83 percent of Brits are making fewer cash purchases than they were doing so five years ago, while 72 percent believe it’s really only older folk who are using cash routinely these days.

More than a third (36 percent) of the 1500 Brits polled said they only ever use a purse or wallet if travelling further than usual, while a fifth (18 percent) never take one out.

And 16 percent of Brits can’t even remember the last time they brought their wallet or purse out with them.

More than a quarter (26 percent) of us think it’s a big faff having to count out change to pay for things, and an efficient 19 percent say that it simply takes too long.

Less than half, 46 percent, are still using a wallet or purse every time they leave the house.

Meanwhile 14 percent admit it’s been at least six months since they used one.

Little wonder then, perhaps, that almost two thirds of the nation (65 percent) think the days of carrying cash are coming to an end.

The study, by Samsung Pay, found that the main reasons Britons are preferring to pay for products and services using a card or mobile payments on their phone are worries about losing cash while out (24 percent), concerns about how hygienic it is to use cash anymore (23 percent), and feeling vulnerable about getting cash out in public (22 percent).

The study found that 73 percent of restaurant meals are paid for by a cashless transaction, and 64 percent of Brits always pay for a drink in a pub by card or phone.

A further 83 percent will pay for their big food shop by cashless means, 85 percent pay for clothes and shoes by card or phone, and 71 percent do not use cash for their train or bus tickets.

52 percent of haircuts are now paid for without cash, and the same number (52 percent) of car parking fees are now paid for with a cashless transaction.

The research also found that 89 percent of the nation believe there’ll come a point soon when neither cards or cash is used, and people will pay for everything with their mobile phone.

And almost a quarter of Brits (24 percent) believe phone payments are much more secure and feel safer than using a card or cash for transactions.

Teg Dosanjh, Director of Connected Services and Technology, Samsung UK and Ireland, said: “It’s no surprise that we’re seeing so few cash transactions being made by customers now, and when you factor in the number of shops and restaurants that have stopped accepting cash altogether, it’s easy to see why. In addition, we’ve become more tech savvy, with a rise in the number of Brits choosing to use their phones to make contactless payments, with many of us just wanting the flexibility and convenience of being able to pay however, and whenever we choose.”

“Samsung Pay gives customers a safer and more secure way to pay over traditional plastic cards because they offer multiple layers of security and protection built in, so customers can tap and go, knowing their money is protected when out spending. We’re also more conscious of hygiene now, with customers preferring to avoid touching the traditional chip and pin machines and instead using their phone to tap and pay, which has likely added to this shift towards mobile payments.”

Meanwhile almost a quarter of Britons (24 percent) still have a penny jar or piggy bank sitting at home, filled with coins they never use.

And although picking up a penny is said to bring good luck, 39 percent of Brits just wouldn’t bother doing so – with a further 16 percent admitting it would be grotty and unhygienic.

For more information on Samsung Pay, please visit: https://www.samsung.com/uk/samsung-pay/

[1] The research was carried out by Perspectus Global, on behalf of Samsung. A total of 1500 UK residents were surveyed. Fieldwork ran from 12th to 15^th November 2021.