The Post Office handled more than 17 million personal cash deposit transactions between July and September, a 7% increase compared with the same period last year. The figure also represents a 3% rise on the previous quarter, as customers put money aside ahead of the costly winter months.
Early saving for festive spending
A survey commissioned by the Post Office found that more than half (54%) of people setting aside money for festive spending were saving earlier than they usually would this year. Nearly two-fifths (38%) said they began thinking about how they would afford the festive season during the summer, while 31% said they typically start saving during this period.
Ben Hunter Woollard, head of banking at the Post Office, said: “As households brace for a more expensive festive season, Post Office branches have handled a high number of personal cash deposits this summer. For many people, using cash is a helpful way to plan ahead, budget and put money aside for specific costs.”
Postmasters report increased saving
The Post Office has an agreement with many banks, allowing people to carry out everyday banking over its counters. Ying Shi, postmaster at Caterham Post Office, said: “Over the summer, I noticed more customers putting money aside for occasions later in the year, particularly Christmas.
“Some are saving for gifts for children and grandchildren, while others are setting money aside for celebrations, family gatherings or household expenses.”
Censuswide surveyed 2,000 people across the UK in October for the research.
