Cash Usage Rises for First Time in 10 Years as UK Households Balance Budgets Amid Cost-of-Living Crisis
• Cash usage grew for the first time in a decade, accounting for 19% of UK transactions in 2022 • Increase reflects households balancing budgets amid cost-of-living crisis and some return to pre-pandemic cash habits • Card payments still most common at 76% of transactions; debit cards account for 80% of card payments • Alternative payments like buy now, pay later grew in popularity, up from 2% to 5% of transactions • Consumers making more frequent, smaller purchases to manage budgets - average transaction value dropped from £24.49 to £22.43