People in UK turning to cash owing to Cost-of-living crisis

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UK: The United Kingdom has been tackling the cost-of-living crisis since the Russia-Ukraine war has disrupted the global supply chain. The rising prices of energy have made subsistence tougher for the citizens of the UK. While people seek a solution from the upcoming Prime Minister, the citizens have already been following alternate approaches to save their resources by fostering control over their expenses.

People have now turned to holding cash over deposits, as per the latest research by the Post Office. The post offices have handled £801m in personal cash withdrawals in July. This has been the highest since records began five years ago. That surged up more than 20% from the previous year.

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Natalie Ceeney, chair of Cash Action Group, has called the cost-of-living to be responsible for the prevalence of such a scenario. According to her, people are literally being forced into ‘counting the pennies. People will be taking out cash and physically putting it into pots, saying, ‘this is what they got for paying off the bills, this is what they got for food, and this is what’s been left behind’.

The inflation in the country has already been at an all-time-high for the last forty years i.e. at 13% . The incomes have been squeezed up by the soaring energy bills and people have been struggling in making their ends meet. In total, £3.32bn in cash was deposited and withdrawn at Post Office counters in July, £100m higher than in June.

The Personal cash withdrawals stood at £801m that were up by almost 8% month-on-month and up more than 20% year-on-year. Following this, the Post Office has put out the extra volume of withdrawals at its 11,500 branches as more people have been turning to keep cash.

 

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