Cash is still king with millennials

shutterstock_345072122Recent articles may have predicted the ‘death of cash payments’, but new research has shown that a staggering 32% of those aged 18-24 cite cash as their preferred method of payment, making them the most likely age group to use this form of funds.  Shockingly, Point of Sale (POS) digital payment methods, such as Apple Pay or PayPal, only received 0.65% of the vote.

The findings, taken from a survey conducted by Electronic Point of Sale solution providers, EPoS.co.uk, has also shown that 98% of over 55 year olds who use digital payment methods own a PayPal account, compared to 94% of 18-24 year olds who use digital payments.

As we move further into the future, and digital payment methods become increasingly popular, EPoS.co.uk set out to analyse the UK’s spending trends.

When asked what their main method of payment is, debit cards came out on top with 46.40% of those surveyed selecting debit as their main method of transaction.

The survey also showed that these payment decisions were being made for simplicity rather than safety, with a whopping 80.89% of those surveyed agreeing that they use their preferred method of payment because it’s easy to do so.

Out of everyone surveyed, just 33.30% of people said they have a payment or banking app on their tablet or mobile phone, showing that physical methods of payment are still prevailing, despite some predictions of the death of cash.

In terms of gender, the survey has shown that men are more cautious with their payments, with 44.55% agreeing that they chose their preferred method of payment because it’s trustworthy.

Women tend to carry more cash in their purse, as 59.61% of females agreed that they have cash on their person on a daily basis.

Daniel Brown, Founder of EPoS.co.uk commented: “It’s becoming more and more important to understand how consumers are paying for things, especially in the retail sector, so that businesses can ensure they remain up to date with how their customers wish to pay.

“Despite all of the worrying articles published recently which predict the death of cash, our survey has shown that all of the age groups surveyed agree that Britain will still be using cash in 2030. Looking at the results from this survey, I think it’s safe to say that we can hang on to our bank notes a little while longer”.

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