Banking study highlights changing financing preferences

Mon, 21 May 2007

A new banking study has revealed that the way Britons obtain cash is changing.

According to a financing report from UK payments agency Apacs, entitled The Way We Pay 2007: UK Cash and Cash Machines, British people collectively withdrew £178.8 billion from cash machines in 2006, up from £79.8 billion in 1996.

Meanwhile, the amount that the nation as a whole received through non-banking channels such as via benefits and cash wages has declined.

Whereas in 1996, Britons got paid £89.1 billion via this financing route, the total dropped to £39.6 billion in 2006.

Commenting on the figures, Sandra Quinn, director of communications at Apacs, said: "There has been a steady trend by business and government away from the payment of wages and state benefits by cash and a huge growth in the number and accessibility of cash machines."

Recently, banking organisation HBOS announced it had installed 50 free cash machines across the UK as part of a new financing initiative.

Of the new machines, 24 were situated in Scotland, with a further three in the north-east of England, nine in Yorkshire and 14 in north-west England.

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