Younger generations favour cash payments over digital
Melanie May | 8 April 2016 | News
The UK is still far from becoming a cashless society, according to research from First Capital Cashflow.
The direct debit facilities management company questioned 750 people over their preferred payment methods, with the findings revealing that one in three people still prefer to use cash.
18-34 year olds are most likely to pay for goods or services with cash – 67% said they preferred it, while the over-45s are the most likely to use credit cards. 77% of those who chose this as their favoured payment method were in this age bracket. Men (34%) are also more likely to pay for goods with cash than women (22%).
Overall, debit cards are the UK’s preferred method of payment, accounting for 39% of the vote, followed by cash (32%). 15% chose credit cards, 10% prefer online wallet solutions such as Apple Pay, and 3% still routinely use cheques.
Louisa Buckingham, marketing executive at First Capital Cashflow said:
“We’re quick to assume that it’s older people who need the most convincing to give up on antiquated forms of payment, but this isn’t necessarily the case. 18-to-24-year-olds are four times as likely to use cheques as those aged between 45 and 54. It’s a little surprising to see such little uptake of modern technology like PayPal and Apple Pay among the youngest age group, but as more variations of this technology come to market, uptake will inevitably increase.”
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.