News
Less than half of adults carry a wallet
The old saying “cash is king” may still hold true for some, but today it is convenience that wears the crown. LINK has today published new research which shows that fewer than half of UK adults leave home with a wallet or a purse, something unimaginable just a decade ago. The research makes recommendations focused on making sure we have a resilient and effective payments system in a world where digital is increasingly dominant. It also gives hints and tips to people to make sure they are personally ready should digital payments fail.
Key Findings:
- Almost two thirds of UK adults have already experienced payments disruption
- System outages are a leading cause
- Millions of people carry no cash or rely on just one payment method.
Adrian Roberts, Deputy CEO, said:
“Our latest research shows us that for many people digital payments have become the default and many people no longer carry cash or keep it at home. Reliance on digital payments can bring great convenience but they can also bring risk. Consumers have told us that they're not yet confident in the reliability of digital payments so it is important that we protect cash as a payment system while important work takes place to improve resilience and inclusivity. This report helps us to understand how payments habits have changed and what simple steps consumers can take to protect themselves from being inconvenienced by system outages."