Save Our Cash Day is being held in communities across the country today (Friday 9 July) to raise awareness of the issues faced by the more than eight million people who say they would struggle to survive without cash.
New Post Office research shows that 72% of UK consumers believe that cash is an important consumer right. The majority are concerned about bank branch closures, with a third saying that they are personally affected. More than half agree that cash provides them with a sense of safety and security, and over a third say that without cash they would feel excluded or that there would be things that they could not do.
Save Our Cash Day comes at a time when accessing cash is becoming increasingly difficult. According to Which?, 4,188 bank branches have closed since the start of 2015, a rate of approximately 50 per month, and more than 500 more are earmarked for closure in 2021.
UK small businesses
Our survey of more than 500 UK small businesses shows that the majority believe cash is important to UK high street’s future and two thirds feel that cash use is important to the recovery of the UK retail industry post-lockdown.
A third of consumers asked about this said that without cash they would be less likely to shop in their local community, a stark realisation when countless local businesses face the risk of closure post-COVID.
Nearly 1 in 5 depend on their local Post Office branch for cash and banking services, such as depositing cash, making withdrawals and paying in cheques, and 20% said they would be concerned about the safety and/or security of their business, without the ability to deposit cash at the end of the day.
Nick Read, Chief Executive, said:
“Ensuring everyone in our communities continues to have access to cash is fundamental. We cannot forget those across the country who continue to rely on it – from millions of small businesses to ordinary people who use cash to budget, save and survive. Working with the banks in partnership is essential to achieve this objective and we are pleased to be supporting Save Our Cash Day in order to raise awareness of the need to secure the long-term future of the cash system.”
How to support Save Our Cash Day
Save Our Cash Day aims to bring to life – and to the nation’s attention – that cash must be protected. We are calling on as many people as possible to write to their MP to support policies and legislation that protect cash and place an obligation on the banks to guarantee access to cash across the UK.
We will be generating local and national media coverage, arranging MP branch visits, launching a social media campaign and asking branch teams to support locally by raising awareness and speaking to customers about the cash services Post Office provides for some of the most vulnerable people in their local communities.
Click here to find out how you can get involved and help save our cash.