Listen: is COVID Accelerating Shift to a Cashless Society?

The COVID-19 pandemic has led to fast-paced changes in our way of life, with a heightened demand for online shopping, countryside living, and now it may be contributing to changes in how we use cash too.

Some retailers have implemented card payment-only rules due to COVID-19 or encouraged card usage over cash, leading some to ask whether the pandemic has accelerated the shift to a cashless society.

With COVID-19 still a serious concern in the UK, new research from online bank Marcus by Goldman Sachs has shown that half of Brits are much less likely to carry cash due to the pandemic.

‘An Exploration of Worth’, the new research report published today by online bank Marcus by Goldman Sachs, reveals the nation’s attitudes to cash more broadly too. The research shows the average amount we’re currently carrying in physical cash is £36.30. However, many carry much less on them – a quarter of UK adults surveyed said they were currently carrying less than £5 in their wallet.

Aston spoke to Amanda Le Brocq, head of strategy at Marcus by Goldman Sachs and Iona Bain of The Young Money Blog to discuss this research about our attitudes to cash.

Photo by Colin Watts on Unsplash