Having to take cash out so you have greater control of where it goes is depressing, I’ve been there when you work out there’s not enough so you have to miss a automatic payment to eat/ get to work.
You have to remember to call round all your services to inform them, some will help. Makes it easier to save your credit rating.
Efforts for a society without physical currency will now increase then.
This seems a bit pointless… You can still save your money in a bank account just as easily
Hmm. Are folks really doing this to have better control of what they spend. Or is this folks loosing confidence in the economy and withdrawing to hide under their beds?
I find it easier to Keep track using apps like Starling to see exactly where everything’s going and managing with spaces.
However, I can see why people may want to break the tap and go routine. Plus it’s sometimes too easy to just move money into your current from a savings space.
I’d assume this is older folks. I keep my budget on my phone electronically so it only really works if every transaction is also in my banking app so I can pair them up. I know a lot of people my age who do similar things with features like Monzo’s pots feature.
This article only quotes two sources. The “Cash Action Group”, not sure who they are they don’t seem to have an online presence but I can probably guess what their position is on the issue. And the Post Office for whom cash withdrawals are an increasing part of their raison d’etre.
Would have been nice for the BBC to exhibit their famed “balance” by inviting comments from someone else. Maybe an expert who could say whether this represents a true resurgence in cash, or simply a small correction of some of the ground that was lost due to Covid.
An older family member has said this to me – that they might take their cash out and stick it under the bed.
There’s a fear of the banking system crashing and being unable to withdraw their cash similar to the Northern Rock bank run in ’07.
No doubt conspiracy theorists are running wild with theories as to what could happen to fuel panic.
​
Edit: Guys I know that circumstances are different, my aunt doesn’t 😀
I do wonder how much of this is just the reversal of what we saw during Covid. For the last couple of years, people have been heavily encouraged to use card rather than cash (quite a few places even stopped accepting cash) – regardless of whether they wanted to or not.
Now that there’s less concern and restriction around using it, it’s not a huge surprise to see some people going back to their old ways.
Had a quick scan through the comments and I see plenty of people saying this is daft due to the advantages of online banking, specifically the challenger banks.
Budgeting your cash into separate “pots” (typically envelopes) was the old school equivalent of the challenger banks “pot/spaces system” before these banks existed. An easy way for those who don’t want to use or trust technology, to still manage a budget very effectively.
Local barter economies and micro currencies are just around the corner. Now watch the government get all arsey about that because they can’t tax them.
Only reason I keep a tenner on hand is because my local chippy doesn’t take card.
Cheeky bit of cash in hand
A small local service business quoted me £750 but offered to charge me £600 if I paid in cash.
They are very reputable but are obviously struggling right now like everyone.
Cash = no tax!
Why? When you have a card and banking app or NFC and banking app you have more control over your money than with cash as you can more easily track transactions than with cash.
Why would anyone assume this is due to people losing faith in the economy, or storing their cash in jars at home?
People are withdrawing 20% more because the price of everything has gone up 20%.
I’m sorry but in what was is it easier to keep track of spending by using cash?
Modern digital banking gives you an on demand, real time list of every transaction you make, along with how much you’ve spend per day/month. It allows you to set up spending limits and alerts/warnings. Since using Monzo and Starling it’s become so much easier for me to manage and monitor my spending
We do this in Germany. Im british, born and raised. It’s almost as if society is transforming into another culture. Imagine we could be part of a union where this could be normal? /s
[deleted]
I was in a bank earlier for the first time in about 4 years, the person in front of me asked the cashier to withdraw £500 so they can have an “emergency fund”. So this article totally checks out.
20 comments
Having to take cash out so you have greater control of where it goes is depressing, I’ve been there when you work out there’s not enough so you have to miss a automatic payment to eat/ get to work.
You have to remember to call round all your services to inform them, some will help. Makes it easier to save your credit rating.
Efforts for a society without physical currency will now increase then.
This seems a bit pointless… You can still save your money in a bank account just as easily
Hmm. Are folks really doing this to have better control of what they spend. Or is this folks loosing confidence in the economy and withdrawing to hide under their beds?
I find it easier to Keep track using apps like Starling to see exactly where everything’s going and managing with spaces.
However, I can see why people may want to break the tap and go routine. Plus it’s sometimes too easy to just move money into your current from a savings space.
I’d assume this is older folks. I keep my budget on my phone electronically so it only really works if every transaction is also in my banking app so I can pair them up. I know a lot of people my age who do similar things with features like Monzo’s pots feature.
This article only quotes two sources. The “Cash Action Group”, not sure who they are they don’t seem to have an online presence but I can probably guess what their position is on the issue. And the Post Office for whom cash withdrawals are an increasing part of their raison d’etre.
Would have been nice for the BBC to exhibit their famed “balance” by inviting comments from someone else. Maybe an expert who could say whether this represents a true resurgence in cash, or simply a small correction of some of the ground that was lost due to Covid.
An older family member has said this to me – that they might take their cash out and stick it under the bed.
There’s a fear of the banking system crashing and being unable to withdraw their cash similar to the Northern Rock bank run in ’07.
No doubt conspiracy theorists are running wild with theories as to what could happen to fuel panic.
​
Edit: Guys I know that circumstances are different, my aunt doesn’t 😀
I do wonder how much of this is just the reversal of what we saw during Covid. For the last couple of years, people have been heavily encouraged to use card rather than cash (quite a few places even stopped accepting cash) – regardless of whether they wanted to or not.
Now that there’s less concern and restriction around using it, it’s not a huge surprise to see some people going back to their old ways.
Had a quick scan through the comments and I see plenty of people saying this is daft due to the advantages of online banking, specifically the challenger banks.
Budgeting your cash into separate “pots” (typically envelopes) was the old school equivalent of the challenger banks “pot/spaces system” before these banks existed. An easy way for those who don’t want to use or trust technology, to still manage a budget very effectively.
Local barter economies and micro currencies are just around the corner. Now watch the government get all arsey about that because they can’t tax them.
Only reason I keep a tenner on hand is because my local chippy doesn’t take card.
Cheeky bit of cash in hand
A small local service business quoted me £750 but offered to charge me £600 if I paid in cash.
They are very reputable but are obviously struggling right now like everyone.
Cash = no tax!
Why? When you have a card and banking app or NFC and banking app you have more control over your money than with cash as you can more easily track transactions than with cash.
Why would anyone assume this is due to people losing faith in the economy, or storing their cash in jars at home?
[If the price of a pint milk as gone from 42p last year to 55p this year](https://www.ons.gov.uk/economy/inflationandpriceindices/timeseries/cznt/mm23), then people will withdraw more cash to pay for their milk.
People are withdrawing 20% more because the price of everything has gone up 20%.
I’m sorry but in what was is it easier to keep track of spending by using cash?
Modern digital banking gives you an on demand, real time list of every transaction you make, along with how much you’ve spend per day/month. It allows you to set up spending limits and alerts/warnings. Since using Monzo and Starling it’s become so much easier for me to manage and monitor my spending
We do this in Germany. Im british, born and raised. It’s almost as if society is transforming into another culture. Imagine we could be part of a union where this could be normal? /s
[deleted]
I was in a bank earlier for the first time in about 4 years, the person in front of me asked the cashier to withdraw £500 so they can have an “emergency fund”. So this article totally checks out.