To hoard or not to hoard? UK consumers on the pros and cons of cash

People queue to withdraw cash from an ATM. The value of banknotes in circulation is up 23% since before the pandemic, the Bank of England says. Photograph: Everyday Images/Alamy

It was while walking to his local Co-op that Ty, a 27-year-old student in Brighton, noticed a strangely long queue for the cashpoint.

In the shop, a staff member told Ty the payment systems were down after a cyber-attack. It was cash only. But Ty didn’t need to join the queue. Instead, he felt vindicated. It was another instance that justified his recent switch to using physical currency instead of digital payments.