Tenth of adults Liquidate Money, says UK Finance – RocketNews


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A number of adults rely on payments and cards for their spending and shun cash, figures suggest.

More than one in 10 people aged between 25 and 34 used notes and coins no longer than once a month in accordance with UK Finance.

The trade body for providers said almost three million people rarely used cash.

But, across all age classes, cash remains the hottest way to cover.

The figures show that cash was used by 6 percent of the adult population of the UK no more than one time a month however that increased to greater than 10% for 25. The proportion drops to two % to 55 to 64-year-olds.

In the opposite end of the scale, 5 percent of the UK adult population (2.7 million people) relied almost entirely on cash to produce their daily payments throughout 2016, UK Finance explained.

This is evenly distributed across various age classes. Individuals with family incomes were far more likely to rely on cash in comparison to their more wealthy counterparts.

Over fifty percent of all customers who relied during 2016 on cash had household incomes of less than #15,000 annually.

Cash accounted for 44 percent of all payments made by customers across the united kingdom.

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