With price hikes on everything, especially on essentials, budgeting becomes a necessary tool to keep on top of monthly or even weekly spending. Especially low-income households need to look after every penny and there is one thing they don’t want – overdraft fees on bank accounts.
In the UK cash withdrawals in July from Post Offices went up by 20% from the year before. Altogether £801m – it is the highest amount since records began five years ago, and only the second time that personal cash withdrawals have exceeded £800m.
From a consumer point, cash is and always has been a great tool for budgeting, making sure not to overspend. Whilst with cashless payments you normally only realize how much you’ve spent when it’s too late. And despite the growth in digital payments, cash has shown to be a reliable, even necessary payment option in almost every country.
71% of the questioned Post Office customers mentioned that they are planning their holidays within the UK and want to take out cash for this purpose. So, anyone working in or owning a shop, a café or a pub will see an influx in cash payments this year. If you work in certain shops/regions, you might get cashback requests from your customers now more often and you need to make sure that your tills are not running low.
UK businesses are not alone, globally inflation rates are rising rapidly with many countries experiencing a cost-of-living squeeze. So, consumers are now looking to cash to support budgeting across the world!
There are many providers out in the market for cash management solutions, but you should typically try to partner with a provider that has your best interest in mind with good service options available.
Tellermate is the inventor of count-by-weight cash counting technology and an established supplier to all types of businesses – big and small alike. You can find out more about our solutions here or by contacting us directly.
In the UK we’ve now seen the government step in with legislation announcements to protect cash for those who want and need it. In Nordic countries, local governments intervened in the move towards a cashless economy and introduced various measures to ensure adequate levels of cash in circulation. This highlights the importance of creating the right foundations and infrastructure to support cash as a payment method.
If you are unsure what is the best solution for your business, you can download our free eBook – The Cash Management Jungle. Showing you all the solutions on the market with their pros and cons, so you can find the best fit.
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