Gen Z Back Cash!

Interesting article, revealing that Gen Z are returning to cash to get control of their finances.

This backs up insights from NatWest Bank research, which revealed last week that there has been a recent increase in cash use by 25 to 35 year olds, perhaps connected to the various IT meltdowns, data breaches and other technological failures that have been experienced in the UK and elsewhere in the last two or three years.

Another research finding from NatWest Bank was also extremely enlightening - that 33% of British adults use cash for budgeting purposes.

The adult population of the UK is around 57 million, so 33% equates to around 19 million adults.

The PCA had recently seen a figure of 16 million quoted for those adults using cash to budget. Now there is evidence from a bank that the figure is even higher than previously thought.

This data is further proof that the trend towards the UK becoming increasingly “cashless” has halted - and is starting to reverse.

Which makes it even more important that cash is firmly included in the UK National Payments Vision, being prepared by HM Treasury, the Bank of England and the Financial Conduct Authority .

How can the 19 million adults who budget using cash continue to do so, if very convenient access and ubiquitous acceptance are not part of the “Vision”?

Source: investopedia.com/gen-z-s-and-the-cash-stuffing-trend-11731846