Less than half of British people now carry a wallet, according to new research, despite 80% still owning one. The shift is driven by the rise of digital wallets and contactless payments, particularly among younger generations.
The survey, conducted by cash machine network Link, found that millennials and Gen Z now default to using smartphones or smartwatches for payments via Apple Pay or Google Pay. This has led to a decline in physical wallet usage, though cash is not entirely dead.
While 7% of Britons carry no cash at all, more than half said they had used it in the past week, often in corner shops with minimum card payments. However, 60% reported experiencing digital payment failures, and 20% abandoned payments as a result.
The findings echo concerns raised during power outages in Spain and Portugal last spring, when digital payments failed and cash became essential. Experts advise against discarding wallets entirely, as cash remains a reliable backup.
