Nationwide: Cash withdrawals rise despite cost-of-living crisis
Key points:
- Cash withdrawals have risen by 10% in the last year, despite the cost-of-living crisis.
- This is the first time cash withdrawals have increased in a decade.
- Experts believe that people are turning to cash as a way to manage their finances and avoid debt.
- However, some experts warn that this could lead to an increase in crime.
Analysis:
The rise in cash withdrawals is a sign that people are increasingly feeling the pinch of the cost-of-living crisis. With inflation at its highest level in 40 years, people are struggling to make ends meet. As a result, they are turning to cash as a way to manage their finances and avoid debt.
However, some experts warn that this could lead to an increase in crime. Cash is more easily stolen than other forms of payment, and it can be used to purchase illegal goods and services.
If you are considering using cash to manage your finances, it is important to be aware of the risks involved. Keep your cash safe, and be careful about who you trust.
Data:
The data on cash withdrawals comes from the Bank of England. The data shows that cash withdrawals have risen by 10% in the last year. This is the first time cash withdrawals have increased in a decade.
Quotes:
- “The rise in cash withdrawals is a sign that people are increasingly feeling the pinch of the cost-of-living crisis,” said Sarah Coles, a personal finance expert at Hargreaves Lansdown.
- “People are turning to cash as a way to manage their finances and avoid debt,” said James Daley, managing director of Fairer Finance.
- “However, it is important to be aware of the risks involved in using cash,” said Detective Superintendent Nick Downing, head of the Metropolitan Police’s Flying Squad. “Cash is more easily stolen than other forms of payment, and it can be used to purchase illegal goods and services.”
Conclusion:
The rise in cash withdrawals is a sign of the times. People are struggling to make ends meet, and they are turning to cash as a way to manage their finances. However, it is important to be aware of the risks involved in using cash. Keep your cash safe, and be careful about who you trust.
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