One-third of British people believe that cash will be extinct within the next 15 years, according to a study by media agency Starcom.
The survey, in which 1,500 people participated, found that 73% of respondents believed that they won’t have to carry cash at all within five years’ time. Mobile payments and contactless services would be the norm instead.
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Vast majority of the respondents said they expect the one penny coin to disappear first, followed by the two pence coin and the £50 note.
Starcom co-CEO Pippa Glucklich said: "The way we spend, save, invest and earn is being disrupted by new technologies and innovations at a rapid pace. In fact, this survey shows that the vast majority of Brits believe cash will become obsolete, if not extinct, in the near future."
However, the nation’s perspective on cashless technology varied according to gender, age group, and region. The survey revealed that men (52%) are more comfortable with the idea of cashless technology compared to women (39%).
The concern for going cashless was also found to be relatively less among the 18-35 age group, compared to Silver Surfers.
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By GlobalDataIn terms of region, residents of East Anglia and Northern Ireland were found to be most concerned about going cashless, while those in Scotland, Wales and London were most comfortable.
The research further revealed that six in ten Brits prefer having cash in their pocket and a similar level – 57% – believe that technology is less secure than hard currency, deemed an even more pertinent issue for the over 50s (64%) and those living in the East Midlands (70%).
Brits are also concerned that the consequences of a cashless world will mean a ‘lack of control of our finances and savings’, with 49% believing it would mean they won’t realise how much we are spending.
Overall, a quarter of respondents said they ‘feel more secure and prepared when carrying cash’.
"All brands and businesses need to think about how they engage, inform and guide consumers through this transitional journey. Those at the forefront of embracing the technology on offer to make this transition will clearly have the edge," Glucklich added.
