Post Office reports 15% increase in personal cash withdrawals
The Post Office has reported that there were £806 million pounds worth of personal cash withdrawals across 11,500 branches in February 2024, up by 15% year-on-year and an increase of 3.6% compared with January 2024.
Even allowing for the extra day in February, since 2024 is a Leap Year, that’s a significant increase and supports the contention that many people and businesses continue to rely upon access to cash - and use cash in the day-to-day management of their finances.
Personal cash deposits were also on the increase; £1.28 billion was deposited in February 2024, up 6.2% year-on-year. In January, which was a longer month, deposits totalled £1.42 billion.
Very interesting data, signifying that cash still plays a important role in society – which Loomis is committed to supporting through a wide range of cash management and access solutions, including Smart Safes, Cash In Transit, Coin & Note Delivery and Collection and ATM’s.