People turning back to cash as prices rise
Prices are currently rising faster than they have for 40 years.
Personal cash withdrawals, at £801m, were up almost 8% month-on-month and up more than 20% year-on-year. It also said it was partly due to more people choosing to have staycations, with recent research by the Post Office finding that 71% of Brits planning on going on holiday in the UK this year intended to take out cash before leaving.Martin Kearsley, banking director at the Post Office, said: "We're seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget.
"Cash has been in decline for well over a decade, the pandemic accelerated this, but now it's going back up, and that's absolutely because of the cost of living crisis," she said.
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