News & Views - Savantor

Cash withdrawals up or down?

Friday, 17 September 2010

Some interesting findings recently on ATM usage reflect on different trends in cash withdrawals.  There is a lot of focus on bringing back the £5 notes in ATMs.  A survey of more than 2,000 UK residents has found that over 60% of people would find it useful to be able to withdraw £5 notes from ATMs, supporting the Bank of England's initiative to increase the number of £5 notes in circulation.  Research from LINK has shown that 74% of customers want more access to these notes.  HSBC and LTSB have announced plans to increase the number of ATMs offering fivers.  Meanwhile, UK Payments tell us that the amount of cash withdrawn from ATMs was £1.6 billion lower than in the second quarter of 2009, a decline of 3.2%.

According to new research from Lloyds TSB, there is a clear tendency towards withdrawing £5 notes from ATMs amongst the younger British population, with 81% of 18-24 year olds welcoming the initiative, followed by 74% of 25-34 year olds.  The research also showed the older generation (65+ years old) tend to withdraw larger denominations of cash on a less frequent basis.

Apparently now 74% of people in the UK say ATMs are their preferred method for withdrawing cash. A further 8% prefer cash-back and an additional 8% choose to withdraw money from the cashier in a bank branch.  On average, 20% of those surveyed use an ATM to withdraw money 2-3 times a week, 27% visit an ATM once a week, whilst 8% use an ATM as and when they need the cash.  So we may be taking less cash out but we definitely want it from ATMs which give us more fivers.  It makes you wonder if the cashless society we are supposedly moving towards will be as elusive as the paperless office.

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