Majority of people want to pay with cash

While digital payment methods have boomed in the last ten years, the majority of adults still want the option of coppering up.

New research by LINK, the UK’s cash access and ATM network, found that although the most popular ways to pay are by contactless card (42%) and mobile phone (24%), 81% of us think paying by cash is important. 

Cash is king

Nearly three-quarters (73%) of the survey’s respondents said they’d paid using cash in the last two weeks.

And while cash is often seen as the favourite for older, vulnerable or financially excluded people, that might not actually be the case.

Nearly one in five (17%) 16-24-year-olds said they preferred to pay with cash. This dropped to just 13% of 25-34-year-olds and 11% of 35-44-year-olds.

Lower incomes and tighter budgets

So why are younger adults opting for cash?

LINK says cash goes a long way towards helping those on a budget as it’s the most effective way of managing money.

Younger adults often have a lower income and a tighter budget, especially those who are students.

How a budget can help

You don’t need to be a certain age to budget.

Creating a budget can go a long way in helping you achieve your financial goals, whether it’s saving up for something special or making sure your money will last the month.

We’ve got loads of tips to help you get started, and why not let our free budget planner do all the hard work for you?