Derek Sprawling, Director of Savings at Paragon Bank, for comments on savers' concerns regarding a cashless society, despite a decline in the use of it as a form of payment.

More than two-thirds of over 55-year-olds are uncomfortable with the idea of a cashless society, despite over 80% admitting to using cash less frequently than five years ago, Paragon Bank research has found.

Paragon’s survey of 2,700 savers found that 83% use cash less than five years ago, with 62% stating that their use had fallen significantly.

Despite this, 37% said they felt very uncomfortable about the notion of a cashless society, with 33% slightly uncomfortable. Older savers are less comfortable – three-quarters of those aged 85+ were unhappy to see cash go, compared to 69% of those aged between 55 and 64.

Derek Sprawling, Paragon Bank Director of Savings, said: 

The way we pay for goods and services has changed rapidly over the past five years, with the migration from cash to card payments, and now through to digital transactions via our phones and smartwatches.

“There is a perception that it is the younger generation who are driving this change, but our research shows that over 55s are comfortable transitioning to non-cash payments. However, despite the reduced use of physical money, the majority of this group don’t like the idea of a cashless society and seem to still value the tangible aspect of money.

Full release: Britons reject cashless society despite cash use plummeting

✉️ Michael Clarke, Paragon Bank, 0774 009 0746