Lyme Regis hit the headlines last week when it became yet another bank-less town. In East Devon we already have Ottery St Mary and Budleigh Salterton without banks, with surely others to follow.
“Lower-income households and older generations will be hardest hit by bank branch and ATM closures that threaten their vital access to cash, as these groups use cash more frequently than average, new research from Which? reveals.
More than three quarters (78%) of consumers in the two lowest income households groups rely on cash, using it at least two or three times a week. This group are less likely than average to use a credit or debit card – in fact, just over a quarter (26%) never use card payments.
Cash usage is high among over-65s – the group perhaps most at risk of social exclusion when bank branches and ATMs disappear – with four in five (80%) reliant on cash, using it at least two to three times a week.
The findings come amid concerns that consumers’ access to cash is under threat, due to a severe reduction in bank branches on Britain’s high streets and changes to the funding model of ATMs that is seeing 250 disappear every month.”