Hundreds of cash machines are closed despite withdrawals rising

Posted on : 01/17/2023
Hundreds of cash machines are closed despite withdrawals rising
World News 

Hundreds of cash machines are closed despite withdrawals rising as hard-up families try to budget through cost-of-living crisis by ditching the plastic

  • The number of cash machines across Britain fell by 1,294 last year
  • This is despite withdrawals rising for the first time in more than a decade
  • £83billion was taken out of ATMs in 2022  it was £79billion the previous year   
  • The average adult withdrew £1,564 in cash last year, according to Link

The number of cash machines across Britain fell by 1,294 last year, despite withdrawals rising for the first time in more than a decade.

A total of £83billion was taken out of ATMs in 2022, compared with £79billion the previous year, according to data from the UK’s largest cash machine network, Link.

Link said the average adult withdrew £1,564 in cash last year – up from £1,462 the year before. 

Despite the increased demand for cash, the number of ATMs fell to 51,253.

The number of cash machines across Britain fell by 1,294 last year, despite withdrawals rising for the first time in more than a decade

A total of £83billion was taken out of ATMs in 2022, compared with £79billion the previous year, according to data from the UK’s largest cash machine network, Link

Andrew Hagger, personal finance expert at MoneyComms, said: ‘Some people find it easier to budget using cash. 

‘With a card there is always the temptation to keep tapping.’ 

Experts suggest that people could be returning to cash to better cope with the rising cost of living.

Graham Mott, director of strategy at Link, said: ‘There are still over 5million people who rely on access to cash and face-to-face banking services.

‘Digital payments and banking may be fantastic for some, but at the moment, they don’t work for all, which is why government legislation is so important.’

Last week, Nationwide reported its own findings that cash usage had increased for the first time in 13 years.

Britain’s biggest building society said 30.2million withdrawals were made from its cash machines last year.

This was a 19 per cent increase on 2021, and bucked a steady trend of decline in the number of withdrawals in recent years.

Nationwide stressed the figures show it is ‘far from the end for cash’ and prompted renewed calls for banks to stop shutting high street branches and ATMs.

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