According to Starcom and One Poll, almost three quarters (73%) of consumers believe cash will be extinct in the next 15 years. This means exclusively using card, contactless or mobile payments.
The survey was conducted among 1,500 respondents and some interesting results are that men are generally more in favour of going cashless, with 52% saying they don’t worry about living in a cashless world, compared to 39% of women.
Even so, really close to half of all the participants (49%) fear that this move will lead to a “lack of control” over their finances and savings, as they will not realise how much they are spending.
Unfortunately for the cashless fanatics, the appeal of physical money is still strong, despite an expected migration towards card and mobile payents. 60% or British consumers still prefer having cash in their pockets, and 57% believe that technology is less secure than hard curency. The numbers are rising to 64% among people over 50 and 70% for those living in the East Midlands.
As it was expected, the difference between age groups varies a lot, since those aged 18-35 are far more relaxed about seeing the end of physical money, while half of the over 50 groups surveyed are fearing going cashless.