Welp MagazineTravel money service Bidwedge unveil new, nationally representative research on the nation’s reliance on cash – even abroad
- Responsible cash usage is still advised by the World Health Organisation
- 55% of Brits, when they go on holiday, will still be utilising cash as their main method of payment
- 60% of Brits still try to have some cash on their person as it makes them feel more financially secure – 28,820,000
Reports of new vaccines from Moderna and Pfizer having 95% efficacy bring hope that the travel sector will reopen for business travellers and holiday makers in 2021. As England finds itself in a second national lockdown, many people are using this time to begin planning their next escape abroad. In 2019 alone, 93.1 million trips were taken by Brits, with 9 in 10 Britons taking an overseas holiday. As Brits look to renew their desire to travel, new statistics from Skyscanner show a 48% surge for travel next year, with users mainly looking for breaks during Spring and Summer 2021.
The pandemic has paused many travel plans this year, but it seems that travel will be on the cards as early as this winter for those who are eager to get away. For those looking to travel, now might be a good time to start buying travel money, before the market becomes saturated once again and exchange rates weaken. The end of the pandemic seems near, and hopeful holidaymakers should take advantage of this situation as soon as possible, before there is a mad rush to secure foreign currencies in the new year.
Brand new, nationally representative research, commissioned by travel cash provider, Bidwedge, across 2,083 UK adults found that over half of Brits are still planning to use cash over cards on their trip abroad, despite retailers in the UK pushing for card payments to be made where possible during the pandemic.
Key Stats
- 55% of Brits, when they go on holiday, will still be utilising cash as their main method of payment – 17,780,000
- 32% of Brits still rely on cash for essential shopping and goods – 15,570,000
- 60% of Brits still try to have some cash on their person as it makes them feel more financially secure – 28,820,000
- 13% of Brits say that it is essential to their livelihood and income to be paid in cash – 5,476,000
Shon Alam, CEO of Bidwedge, commented on the findings:
“Despite all the calls from people to use cards, cash is still incredibly important to millions of Brits across the country. Communities rely on cash and for businesses, it is cheaper for them to process cash rather than card payments, so it actually can help thousands of firms that are struggling right now.
There are measures that we can all take to use cash safely during the pandemic. Most phone and tablet wipes will disinfect our new plastic notes quickly and, following guidance from the World Health Organisation, remember to wash your hands after handling physical money and don’t touch your face. Many cash dispensers are disinfecting money before it comes out of the wall, so try and find cash point that is doing this and try and pay as close to the total sum to avoid receiving too much change and passing on unnecessary coins.”
