In response to the report from Halifax claiming teenagers are increasingly requesting bank transfers from parents rather than asking for cash, the below additional comment from Simon Black, CEO, PPRO Group, looks at how older generations are reluctant to embrace the UK becoming a cashless society, which will happen by 2020 regardless.
“The findings from Halifax, that reveals teenagers are now far more likely to ask for a brank transfer from parents than asking for cash, is a clear sign that Britain is well on its way to become a cashless society by 2020, and younger generations are leading the charge. In fact, PPRO Group’s research found physical money is fast becoming redundant in today’s increasingly connected society with a third (33%) of the UK stating that they never use cash anymore. Unsurprisingly this figure rises to 51% among millennials, while older generations are stoically sticking to the coins in their purses as only 27% prefer to shop online.
“Given the option 26% of us would never choose to pay cash when buying an item in a shop. In fact, more than a quarter of us (26.35%) find it irritating when we have to pay by cash rather than by card. The popularity of mobile and contactless payments clearly demonstrates the acceptance of change when it comes to payments in the UK.
“We live in a culture of increasing convenience which has influenced, and will dramatically transform, the way in which we’ll pay for items now and in the future. From using contactless cards to pay for a train journey, taxis at the click of an app with UBER, to a one-click shop on Amazon, quick and easy is winning the war”.
Simon Black, CEO, PPRO Group