Post Office attributes increase to more Brits taking staycations in the UK and people increasingly relying on cash to manage their budget.
By: Shubham Ghosh
New figures on Monday (8) revealed that post offices handled a record £801 million in personal cash withdrawals in July.
In total, over £3.3 billion in cash was deposited and withdrawn over post office counters, the first time when the figures have crossed the £3.3 billion threshold in Post Office’s 360-year history.
Personal cash withdrawals were up almost eight per cent month-on-month (£744 million, June 2022) and up over 20 per cent year-on-year (£665 million, July 2022).
Post Office has attributed the record amount for personal cash withdrawals at its 11,500 branches to more Brits 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 per cent of Brits 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 per cent) admitted to being caught out cashless whilst on holiday in the UK.
In July, Post Office also processed over 600,000 cash payouts for people eligible to receive energy bill support from the UK government. This totalled around £90 million 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 £1.35 billion in July, up two per cent month-on-month (£1.33 billion, June 2022). Business cash deposits totalled £1.13 billion in July, up 1.9% month-on-month (£1.11 billion, June 2022).
In total, a record £3.31 billion in cash deposits and withdrawals were handled at Post Office in July, £100 million higher than in June, £3.21 billion.
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 £3.3 billion in a single month demonstrates just how vital being able to deposit and withdraw cash, securely and conveniently, is for millions of people.”
Post Office Cash tracker data – July 2022:
|Cash deposits value (business & personal)||MOM%||YOY%||Cash withdrawals value (business & personal)||MOM%||YOY%||Total cash deposits & withdrawal value for July 2022|
Business Cash Deposits:
Personal Cash Deposits:
Personal Cash Withdrawals: