Brits prefer to pay with cash
23 April 2004
As the £1 coin turns 21 years old today, new research suggests that cash is the nation's favourite method of payment.
According to figures from Alliance & Leicester Commercial Bank, 57 per cent of UK adults claim cash is their preferred way to pay.
Russell Carter, head of cash marketing at Alliance & Leicester Commercial Bank, said: "Our research shows that more than £1.1 billion in cash is spent each week on every day items. This is great news for the millions of newsagents, pubs, and corner shops throughout the UK that thrive on these purchases.
"Whilst card payments are increasing, our research shows that the Great British public believes cash is still king."
In addition figures indicated that 94 per cent of adults have used cash to pay for services or goods within the last 12 months and young people prefer to pay with cash the most.
Cash is most popular for everyday essentials and nights out, with cash most preferred for use at newsagents, pubs and clubs and for takeaway.