First time in 13 years that the UK has seen an increase in cash withdrawals

Nationwide’s new data shows that cash usage increased in 2022 for the first-time in 13 years. This is because Britons responded to the crisis in living costs by spending more money.

“For first time in many years, we are seeing a natural rise in cash withdrawals, as people return to using cash to avoid getting into debt because of the rising cost-of-living,” Otto Benz, Director, Payments at Nationwide Building Society.

Nationally, more than 30.2 million ATM cash withdrawals took place last year. This is 19 percent more than 2021.

Some of the busiest ATMs in Britain were located in London. The top five cash out locations were Southall (East Ham), Upton Park, Ilfracombe, Gillingham and Gillingham.

The number of cash withdrawals has been steadily falling in recent years. It plummeted sharply in the wake of the pandemic, when ATM withdrawals nationwide dropped by more than 40% in a single year.

The bank said the average amount of cash withdrawn from ATMs in Nationwide was £105 last year, down 2 per cent on the previous year but still up 25 per cent from 2019.

Benz stated, “Far away from the cash end. It shows that the future money management is constantly evolving.”

Nationwide, as a result the cost-of living crisis, committed to keeping all 625 branches of its business through 2024 in June 2013.

This is incredible! trend dollars There are many British banks. HSBC will shut down 114 branches in 2023. This is in addition to the 69 closing in 2022. Natwest and Lloyds will also close 43 to 14 and 11 branches, respectively. The Santander Five and Halifax will both close by the end 2023.