Cash withdrawals reach £801m at Post Office
The Post Office has posted figures showing that a record £801 million in personal cash withdrawals were made in July.
Personal cash withdrawals were up almost 8% month-on-month (£744m, June 2022) and up over 20% year-on-year (£665m, July 2022). In total, over £3.3 billion in cash was deposited and withdrawn over Post Office counters, the first time figures have reached this level.
The record has been attributed to more individuals choosing to have staycations in the UK as well as people increasingly turning to cash to manage their budget on a week-by-week basis and often on a day-by-day basis.
Post Office research last month found that 71% of adults planning on going on holiday in the UK this year plan to take out cash before leaving to go on holiday. Of those who have been on holiday in the UK in the last five years, almost a third (31%) admitted to being caught out cashless whilst on holiday in the UK.
The Post Office also processed over 600,000 cash payouts in July for people eligible to receive energy bill support from the UK government. This totalled around £90m and provide people with an opportunity to pay energy bills, top up gas and electricity meters or use the cash to budget.
Personal cash deposits totalled £1.35bn in July, up 2% month-on-month (£1.33bn, June 2022). Business cash deposits totalled £1.13bn in July, up 1.9% month-on-month (£1.11bn, June 2022).
In total, a record £3.31bn in cash deposits and withdrawals were handled at Post Office in July, £100m higher than in June, £3.21bn.
Martin Kearsley, Banking Director at Post Office, said: “Our latest figures clearly show that Britain is anything but a cashless society. We’re seeing more and more people increasingly reliant on cash as the tried and tested way to manage a budget. Whether that’s for a staycation in the UK or if it’s to help prepare for financial pressures expected in the autumn, cash access in every community is critical.
“Postmasters handling over £3.3bn in a single month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people.”