Cash still choice of consumers

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Cash still choice of consumers

Over half of Britons still prefer to use notes and coins, a new survey claims.

Research conducted by Alliance & Leicester found that 57 per cent of Brits still prefer cash over cards, while 22 per cent of respondents opted for debit cards, 15 per cent credit cards and just three per cent cheques, as their preferred method of payment.

Just over half of the 2,000 people questioned for the study thought they would be using the same amount of cash or more in five years.

Of those choosing to pay by cash, 42 per cent said it helped them keep a closer eye on their finances, 17 per cent thought cards made it easier for them to run up debts and 11 per cent said they lost track of their money if they used cards.

Russell Carter, of Alliance & Leicester Commercial Bank, said: "Our research shows that using notes and coins to budget on a day-to-day basis is widespread throughout the UK.

"The importance of cash to many people is often overlooked, but it plays a crucial role in the short-term financial planning of many people.

"Talk of us moving to a cashless society remains just that - talk."

However, research by card issuer Visa found that 70 per cent of people carry less cash on them now than they did a year ago and almost a third of those questioned said they would even use their plastic to pay for a pint of milk, loaf of bread or newspaper.

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