Access to cash is particularly important for people on low-incomes - Responsible Finance
Responsible Finance have responded to Matt Warman MP.
Nearly 3 million people in the UK are almost entirely reliant on cash.
This means protecting access to cash is vital to maintaining their financial stability.
Access to cash is particularly important for people on low-incomes, as many of these people find weekly budgeting is easier using cash rather than cards or contactless payments. But poorer communities are disproportionately affected by loss of ATMs.
Currently more than 300,000 people in Britain’s poorest areas live further than 1 km from free to use cash machines. The growth of digital transactions are welcome as they create convenience for many consumers and businesses.
But protection of those remaining ATMs and acceptance of the importance of cash is essential.
Read more from Responsible Finance on the need to ensure access to cash is protected here.