Martin Lewis warns of ‘risk’ of a cashless society
The Bank of England (BoE) has forecast that the number of payments made in cash will fall to just nine percent of all transactions by 2028. Deputy Governor Sir Jon Cunliffe has warned that increases in contactless payments and online shopping are making it harder to spend physical money on the high street. A new Express.co.uk poll has shown 95 percent of readers are against the move towards a cashless society.
Sir Jon said at the Innovate Finance Global Summit: “Cash is likely to decline further and cash itself will become less usable in everyday transactions. The mass shift away from physical cash to electronic payments has been very clear and is set to continue.”
The shift has sparked concern among campaigners, with Dennis Reed, director of the Silver Voices over-60s campaign group, saying: “We get regular reports from members that they are finding it difficult to access and spend cash. It’s another isolating factor for older people and it’s of great concern.”
The BoE has said it will continue to issue cash “as long as there is any demand for it”.
In a poll that ran from 2.30pm on Wednesday, April 19, to 2.15pm on Monday, April 24, Express.co.uk asked readers: “Do you support UK shifting to a cashless society?”
A total of 1,653 votes were received, with the vast majority, 95 percent (1,574 people), answering “no” against a cashless society. In contrast, four percent (72 people) said “yes” in favour of the transition, and seven people said they did not know either way.
In the comments left below the accompanying article, readers took part in a lively debate on the future of cash.
Most readers were against the transition to a cashless society, with username seanc9292 remarking: “This is another step closer to being a big brother society.”
Similarly, username leeston said: “Implications on freedom don’t bare thinking about. No way.”
Another, username Laurie366 wrote: “Even though cards have proved very useful, even for small amounts, there are times cash is still needed.”
Meanwhile, username Jack-The-Ripper said: “It’s being forced on us whether we want it or not.”
Other readers commented that they had already reduced their use of cash, with username codie writing: “I can’t remember the last time I used cash to buy something.”
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