Around two in five people are using cash to help themselves budget as living costs increase, according to research among ATM users. Hundreds of thousands of Cardtronics ATM users were asked in June whether they are using cash to help them budget as bills rise.
Some 39.2 per cent of those who responded confirmed that they are, according to the research, carried out for the PA news agency. Customers were also asked whether the money in their account covers their bills and outgoings and nearly two-fifths (39.7%) said that it does not.
Commenting on the findings, Sue Anderson, head of media at charity StepChange said: "Soaring energy bills and rising inflation have pushed household finances to their limit this year, so it's not surprising that more people are using cash to keep a close eye on their spending.”
Sue continued: "For those who are struggling to stay on top of their essential bills, it's important not to wait to get help.
"Contact your energy supplier or other creditors to let them know about your situation, as you might be able to negotiate a payment plan or take advantage of a grant that can pay off some or all of a bill.”
StepChange along with other non-profit charities including Citizens Advice and Christians Against Poverty offer free and impartial debt advice, either over the phone or online, at a time that suits you.
StepChange also has an online cost of living hub which has plenty of information about how to cope in the current financial crisis - find out more here.
TheUK Government, which has announced a package of cost of living support measures, also has a dedicated page on GOV.UK with some useful information - find out more here.
Previous research from consumer group Which? found that 54 per cent of people regularly use cash, mostly alongside other payment methods. Of those who regularly use cash, half (52%) said that cash helps them keep track of their spending.
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