The average cash withdrawal has risen to an average of £80, marking a £10 difference compared to the last couple of years.
In contrast, people seem to be using ATMs 40% less, with the average monthly withdrawal rounding up to £44 per month.
When it comes to the average daily ATM withdrawal, cash machine network Link reports a nearly £100m decrease compared to 2019, with the switch to digital being encouraged by Covid-19 according to Nick Quin, head of financial inclusion over at Link.
This comes as no shock given the gradual elimination of cash in the last few years. Due to the greater convenience of contactless payments, British citizens prefer cards over cash even for the smallest of purchases, thus noting a 15% decrease in the use of cash in 2019.
However, despite the decrease in average daily withdrawal, millions of Brits continue to rely upon cash as stated by Mr Quin, which is why he deems it important to protect the use of cash throughout the country.
My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.