Lies Lies and Statistics, The Future of Cash different research findings
Two pieces of research have come out recently and the question I ask is are they at odds with each other or both the truth.
Ukash reports cash isn’t on the way out as some may think. 81% of respondents said they opt for cash on purchases of £10 or less. This contrasts with suggestions from the latest Worldpay report, which predicts the demise of cash, with 77% expecting some coins to be discontinued over the next decade. .
The increase in cash is supported by a recent report from the Payments Council**, which showed an increase in the use of cash for transactions from 20.6 billion in 2011 to 20.8 billion in 2012. In the same period, the number of adults making all of their day-to-day purchases in cash increased by around 700,000, to 7.2 million, showing just how important cash is for the UK consumer.
So are these contradictory or just one a statement of the now and another of consumers future thoughts. And as we all know the future often does not turn out as we think it might.