Yahoo Finance covers the report which found that 83 per cent of the UK’s population would be able to cope in a cashless society.
Unsurprisingly, London is the most prepared for a cashless society with an 8.5 per cent drop in cash usage between 2017 and 2018. Southern regions appear better prepared than northern regions, with 7.7 and 7 per cent drops respectively.
The north west of England has seen a 3.3 per drop in cash, meaning that it would be harder hit without cash. In Northern Ireland cash withdrawals have only reduced by 2 per cent between 2017 and 2018, suggesting people living there are likely to struggle in a cashless Britain.
Yahoo Finance attributes this to the many rural communities in Northern Ireland ‘which are likely to be the worst affected if the UK stops using cash’. Less than a third of UK transactions are made with cash, and the report’s authors predict this figure will be just 10 per cent by 2026.
Yahoo Finance - Which UK regions are prepared to go cashless?
thinkmoney - Cashing in: the benefits of a cashless society
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