Finance

Cash protection: HM Treasury unveils ‘cashback’ plans for consumers but SMEs may struggle

“But there are still many for whom cash is important, not just for purchases, but also for saving (on average people over 50 have £224 saved in cash at home) and budgeting.

“Many people find it easier to keep tabs on outgoings using cash. We also know that some older people like to use cash for things like giving pocket money to grandchildren, and when donating to charity (48 percent of over 50s regularly donate to charity), so measures like being able to get cashback at shops without making a purchase could be very helpful for many.”

However, others were more critical of the government’s plans, noting they may harm already struggling businesses.

As Phil Mills, the head of food and drink at business advisers Old Mill, detailed: “Reversing the decline in locations where consumers can access cash, and reducing the infrastructure costs of delivering it, on the face of it seems like a good thing, especially for rural communities where many towns have experienced bank closures in recent years affecting both consumers and local businesses.



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