Loomis – One year on from new King Charles banknotes| June 2025

The research found that although digital payments are becoming the norm, and provide a level of security and convenience, physical cash remains extremely important in the UK. The protection of cash and the right to use notes and coins in both hospitality and retail environments is considered essential for a variety of reasons. In fact, nearly 8 in 10 Brits believe all UK businesses should be legally required to accept cash, and over 3 in 5 Brits oppose a fully cashless society.

Inclusivity and the protection of vulnerable groups in society were seen as major reasons to protect cash and its use. Many members of society remain unbanked and therefore have no access to digital payments. Similarly, there are people who may have bank accounts but, for various reasons, find it difficult to use digital payment methods. 7 in 10 of those surveyed stated that they would be highly concerned that switching to a cashless society could completely exclude certain groups of people—many of whom could be classed as vulnerable.

The cost-of-living crisis can also be cited as another reason Brits remain attached to cash. Over half of those surveyed (51%) said they find it easier to stick to a budget using physical cash compared to digital payments. Spending limits can be set more easily by allocating specific amounts of physical cash to certain ‘pots’ for specific events or items—similar to the recent ‘cash stuffing’ trend seen on social media.

When asked about emergency situations, such as the global pandemic and recent power outages in Europe, 80% of those surveyed stated that cash is an essential tool during crises, where the option to pay with other methods may become unstable. Cash also provides both practical security and a sense of reliability.

Other reasons cash is still needed include the ability to take cash on holiday (80% of respondents), the preference for transactional privacy (63% liked the fact that cash has less traceability), and the emotional value of gifting. A staggering 90% of those surveyed stated that giving cash as a gift to children or loved ones felt much more meaningful and personal than a digital transfer.

Ultimately, the findings from this Loomis research are not surprising. Although digital payments are hugely important and continue to grow in popularity, the British public want and need flexibility—the freedom to choose how to pay for goods and services in a way that best suits them. This research is proof that flexibility is key.

* Survey of 2,008 UK adults, carried out between the 9th and 15th of May, on behalf of Loomis UK.