Most Scots believe cash remains the most secure way to pay
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New research released by Coinstar shows where and why Scots intend use cash in future.
Despite everyone using cash less in the pandemic almost half of Scottish consumers (47 percent) expressed the desire to now use cash more or the same, citing budgeting and payee preferences as the main reasons after convenience and habit.
Slightly less Scots reported that they prefer cash because they struggle to use or distrust cards or online payments than elsewhere.
Commenting on the research managing director of Coinstar UK and Ireland Paul Ogle said: “Cash is an important lifeline for many, and this new data shows how true this is for Scotland.
"It was particularly striking to see how important Scots feel coins are to their identity, with more than seven out of ten opposed to getting rid of them.”
Reasons for Scots stashing cash could be down to seven out of ten (71 percent) agreeing cash is good to have in times of crisis; and for the added security cash provides with 59 percent considering cash the most secure payment method. However, Scots are least likely to use cash for budgeting than elsewhere (21 percent vs 28 percent nationally).
The survey results also revealed those places where cash most likely to be king with the top places for paying by cash being corner shops (49 percent), parking and taxis (both 40 percent), hairdressers (36 percent) and pubs (36 percent), with corner shops, pubs and hairdressers all being higher than the national figure.
It seems Scots are less likely to pay a tradesperson in cash than elsewhere in the UK (only 16 percent compared with 20 percent) and less Scots are paid in cash than elsewhere (five percent vs the national figure of 10 percent).
When it comes to accessing cash, 22 percent of Scots cited bank branches closing as the main reason they couldn’t access their cash.
It appears that one of the main reason Scots didn’t use cash during lockdown was due to businesses either not accepting it - as 73 percent saw shops not accepting cash - or them making clear they preferred cards 43 percent (vs 27 percent elsewhere in the UK).
When cash was refused, 56 percent of Scots simply paid another way, though 29 percent either didn’t buy at all or went elsewhere.
Looking ahead, eight out of ten (80 percent) of Scottish consumers believe they have – or should have – a legal right to pay in shops with cash.
More than two thirds (67 [ercent) think coins and notes are important to a shared national identity, which is higher than elsewhere in the UK (64 percent).
71 percent of Scots oppose getting rid of all coins.
