The use of cash has been in decline for a number of years, but the coronavirus pandemic could well bring its demise even closer. With many retailers encouraging customers to pay be card rather than cash during the virus outbreak, the potential downfall of notes and coins has accelerated. However, for some sectors of the community, especially the elderly, cash remains a vital lifeline not just as a means of payment, but as a way of life. Argus columnist Jon Powell looked at the issue.
THIS month, Age UK wrote an open letter to the Financial Conduct Authority, (FCA), stating that the charity was deeply concerned that our headlong rush towards a cashless society is leaving some older people unable to pay their way.
Age Cymru's chief executive Victoria Lloyd said: "It is crucial that we enable older people to access cash safely and conveniently so they can continue to pay for everyday good and services and, once the Covid-19 restrictions have eased, to re-engage with community social life."
Victoria Lloyd
ATM operator Link has said that cash withdrawal in April were 60 per cent lower compared with April 2019 - although 11 million withdrawals are still being made each week.
In a YouGov poll conducted on behalf of Link, about three-quarters of adults in Britain have used less cash since the start of the pandemic, and a similar number believe they will continue to do so over the next six months.
In 2011 an attempt was made to gradually phase out the use of a cheques as a form of payment by 2018. This was met with firm opposition and eventually the idea was shelved.
Age UK's report entitled The Way We Pay revealed that cheques were important to the elderly, with 73 per cent of older people still using them as means of payment.
Ms Lloyd said that "a number of older people don't have a bank account because they simply don't have the necessary documentation to open one up. And those who have a bank account may still find it impossible to use online banking facilities because they don't have access to the internet."
She added that Age Cymru "is attempting to urge banks to work closely with the Post Office network to help older people access cash from the bank accounts safely".
Both the banking sector and Post Offices have a number of schemes in place that enable older people to nominate a third party to access cash on their behalf.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here