Two-thirds of UK shoppers say cash is inconvenient

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22nd June 2012 14:10 - Financial Services

New research based on a survey of 2,000 UK consumers on behalf of Barclays has found that one in eight don't carry any cash and half believe that coins and notes will become obsolete in the future.

Further results showed that the average British purse or wallet contains just £23 and two-thirds of people find carrying cash inconvenient.

In addition, 57% of the UK consumers surveyed refuse to carry around one or two penny coins and 50% get rid of small change by giving it to charity, to children or even by throwing it in the bin.

The top reasons given for being reluctant to carry cash include the nuisance of receiving a pile of coins back in change, the weight of coins and the amount of space cash takes up.

Dan Wass, Head of Current Accounts and Contactless at Barclays, commented: "Although we are far from becoming a 'cashless society', it's clear from our research that cash is no longer king. Consumers are increasingly less willing to carry large amounts of change around with them... It is clear that shoppers are now looking for alternative methods of payment, such as contactless, which will allow them to avoid spending time fumbling for change in a queue and will take up less space in their wallet."

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