How UK cash withdrawals have reached a record high

The cost-of-living crisis has led to a 20 per cent year-on-year rise in cash withdrawals.

Illustration by Gary Waters / Ikon Images

The Post Office handled £829m in personal and business cash withdrawals in July. This represents an increase of nearly 8 per cent compared to the month before, and an increase of 20 per cent compared to the same month in 2021.

Over the past year, cash withdrawals increased by 39 per cent in Northern Ireland, 20 per cent in England, 17 per cent in Wales and 13 per cent in Scotland.

Personal cash withdrawals, which represent the bulk of all withdrawals, have only exceeded £800m the previous December, a month that typically has higher than average withdrawal rates.

This is also the first time cash deposits and withdrawals have collectively exceeded £3.3bn in the Post Office’s history.

Martin Kearsley, the banking director at Post Office said: “We’re seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget.

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“Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical.”