Cash is making an unexpected comeback in Britain, with new data from Nationwide Building Society showing a 4.6% increase in ATM withdrawals in 2024 compared to 2023. The building society reported nearly 33 million withdrawals from its ATMs last year, up almost 29% from 2021's figure of 25.4 million. This marks the third consecutive year of rising cash usage, defying predictions of a cashless society.
Nationwide attributed the surge to consumers using physical money as a budgeting tool amid the ongoing cost of living crisis. Trends such as 'cash stuffing'—where money is divided into envelopes for different spending categories—have gained popularity. The biggest increases in withdrawals were recorded in Chiswick, west London, and Shotton, Flintshire in Wales.
The average withdrawal amount was £112, and the busiest period was the week before Christmas, when £97.9 million was dispensed—the highest weekly total since before the pandemic. Nationwide noted that cash usage is 'thriving', but also highlighted that bank branch and ATM closures have driven up withdrawals by non-customers by 16%, making it harder for communities to access cash.
Despite a 35% drop in cash payments during the pandemic, when many businesses went card-only, the trend has reversed since 2022. UK Finance previously reported a surprise jump in the number of people primarily using notes and coins for daily spending, as households seek to manage budgets in tough economic times.
