The British Post Office has reported that the cost-of-living squeeze has seen a climb in the use of personal cash withdrawals, up 8% month-on-month.
According to the Post Office, over £3.3bn in cash was deposited and withdrawn over Post Office counters, the first time figures have crossed the £3.3bn threshold in its 360-year history.
The Post Office attributed the record amount for personal cash withdrawals at its 11,5000 branches to more Brits choosing to have staycations in the UK as well as people increasingly turning to cash to manage their budget on a week-by-week basis and often on a day-by-day basis.
Post Office banking director said, “Our latest figures clearly show that Britain is anything but a cashless society. We’re seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget.
“Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical. Postmasters handling over £3.3 billion in a single month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people.”
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