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The old trick to manage the cost of living crisis

As the cost of living soars, households have been accumulating cash to support their budget planning.

Around a quarter of Britain’s citizens, or 15 million people, use it, according to a survey by consumer group which? cash regularly to keep track of their spending.

A fifth of consumers who do not use cash regularly, a further 6 million people, said they are now considering using notes and coins more frequently as the cost of living deteriorates.

However, they may face a difficult task as communities see access to and acceptance of cash dwindling.

Around 4,685 bank branches have closed their doors permanently since 2015, and 12,178 free-to-use ATMs have been closed since 2018.

In the meantime, all bank branches have closed their doors in seven parliamentary constituencies in the last seven years. Another 17 constituencies with more than 1.5 million people now have limited access to cash. report found.

According to the survey, low-income households are most likely to rely on cash. More than a third of those earning less than £20,000 said they found notes and coins easier to budget for than cards.

https://www.telegraph.co.uk/money/consumer-affairs/old-trick-manage-cost-living-crisis/ The old trick to manage the cost of living crisis

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