Nationwide cash withdrawals rise
As the cost of living crisis continues to bite, more and more people are turning to cash to manage their finances. This is reflected in the latest data from Nationwide Building Society, which shows that cash withdrawals have risen by 10% in the past year. The increase has been particularly pronounced in the past few months, with withdrawals up by 15% in the three months to May 2023.
There are a number of reasons why people are increasingly using cash. For some, it is a way to budget more effectively. When you use cash, you can see exactly how much you have and how much you are spending. This can help you avoid overspending and getting into debt. For others, cash is a way to avoid the fees associated with using credit cards or debit cards.
Whatever the reason, the rise in cash withdrawals is a sign that the cost of living crisis is having a real impact on people’s lives. As prices continue to rise, more and more people are struggling to make ends meet. For many, cash is a way to regain control of their finances and avoid falling into debt.
What does this mean for businesses?
The rise in cash withdrawals could have a number of implications for businesses. For one, it could lead to a decrease in the use of credit and debit cards. This could have a negative impact on businesses that rely on card payments. Additionally, the rise in cash withdrawals could lead to an increase in crime. Thieves are more likely to target businesses that have a lot of cash on hand.
Businesses should be aware of the potential risks associated with the rise in cash withdrawals and take steps to mitigate them. This could include increasing security measures and diversifying payment options.
What does this mean for consumers?
The rise in cash withdrawals could have a number of implications for consumers. For one, it could lead to longer queues at ATMs and banks. Additionally, consumers may have to pay more fees for cash withdrawals.
Consumers should be aware of the potential costs and inconvenience associated with the rise in cash withdrawals. They should also take steps to protect themselves from crime, such as being aware of their surroundings when withdrawing cash.
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