Will ATMs disappear?

The number of free-to-use ATMs in the UK has been steadily declining, with a 6% drop from 2022 to mid-2023. This reflects a shift in consumer habits, as cash usage has decreased significantly. For example, weekly ATM withdrawals fell by nearly a third, from £2.2 billion in 2019 to £1.5 billion in 2023. The shift began years ago but accelerated during the COVID-19 pandemic. In 2021, cash accounted for only 15% of all payments in the UK, driven by the rise of contactless and online transactions. While 74% of adults use cash occasionally or rarely, certain groups, including older adults and those without access to digital banking, still rely heavily on it​. When did we start paying less in cash? Does this mean cash payments are on their way out? Why are ATMs disappearing? In under 3 minutes, we answer your questions! To listen to the last episodes, you can click here: How can I use the 80/20 method to save money? How do sim swapping scams work? Is putting on less heating a way to save money and be healthier? A podcast written and realised by Amber Minogue. Learn more about your ad choices. Visit megaphone.fm/adchoices