Millennials prefer cash over digital payments, survey finds

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12th April 2016 10:26 - Financial Services

According to a recent survey by a direct debit facilities management company, First Capital Cashflow, the United Kingdom still has a long way to go before it becomes a cashless country.Millennials prefer cash over digital payments, survey finds

The researchers questioned 750 people about their favoured method of payment and the results revealed that one third of the research participants prefer to use cash.

The demographic most likely to pay for goods and services with cash were those aged between 18 and 34 years old, with 67 per cent saying that they prefer it. On the other hand, those who are older than 45 were found to prefer using a credit card to make a payment.

Of the respondents who chose paying by card as their preferred method, 77 per cent were older than 45.

When exploring which payment method men and women preferred, it was found that 34 per cent of men were more likely to pay with cash than women (22 per cent).

Of all the different methods of payment, debit cards were found to be the United Kingdom’s favoured method of payment (39 per cent), closely followed by cash (32 per cent). A further 15 per cent chose credit cards and 10 per cent chose online payment solutions, such as Apple Pay. Just 3 per cent were found to still regularly use cheques.

Marketing Executive at First Capital Cashflow, Louisa Buckingham, said of the market research findings:

“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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