Cash is back: hard money sees a post-pandemic resurgence

During the pandemic, some retailers began refusing cash on the basis that it posed a risk for catching COVID-19. Since then, there has been a trend towards cashless operations, with an increasing number of businesses going cash-free. 

It’s no longer about hygiene, though. This trend is particularly noticeable in fast-casual restaurants, coffee shops, and retailers in transit locations (like train stations), where digital payments offer speed, convenience, and reduced security risks.

However, the shift away from cash has raised concerns about excluding unbanked or underbanked individuals, prompting calls for legislation to mandate cash acceptance. In the US, some cities and states – including New York City, San Francisco, Philadelphia, and New Jersey – have enacted laws requiring businesses to accept cash. In the UK, the government has not mandated cash acceptance, allowing businesses the discretion to choose their preferred payment methods.

To get consumers’ view on the importance of cash in society, and to find out how they typically use – or don’t use – it, we conducted a nationally representative survey of 1,200 people aged 18-67 in the UK and the US. 

Quick summary

• 23% of consumers in the UK and 30.5% in the US prefer to pay with cash given the option.
• Core reasons for preferring cash include it providing protection from fraud and being viewed as more reliable.
• 34% of Brits and 32% of Americans are against businesses that do not accept cash.
• 38% of UK consumers and 42% of US consumers would welcome a cashless society. 
• Card and device payments are most popular overall but more than half of people in both markets worry about the reliability of digital payments.

UK results

Cash has regained popularity

We last surveyed UK consumers about their use of cash in 2021. Back then, only 16% of the population preferred to pay for things with cash. Today, that figure has risen to 23%. This resurgence is seen across all age groups, with the biggest uplift recorded among the over 50s, 28% of whom prefer cash (a +10 point increase) [view UK dashboard].

The reasons that consumers favour cash have also shifted: in 2021, the main reason was that it helped people to avoid overspending (49%). While this is still a major motivator for using cash in 2025 (51%), consumers primarily like hard money because they view it as “more reliable” (55% up from 41%). They’re also more likely to favour it because it “protects them from fraud” (47% up from 39%). 

These views may be influenced by recent events including cyber attacks on UK high street stores like M&S and Co-op, as well as the power outages in Spain and Portugal that led to businesses being unable to accept digital payments. The data finds that 59% of people worry about power cuts or hacking attacks causing digital payments to fail.

More British consumers are carrying cash

Brits are more likely to have cash in their wallets in 2025: 23% say they always carry cash – which is an increase of +6 points since 2021 – and a further 27% of people usually have cash on them. The percentage of people who don’t like paying cash has also declined: 41% prefer not to carry out transactions using cash, compared with 54% previously. 

34% of British consumers are against cash-free businesses

So how do British consumers feel about businesses that don’t accept cash? Nearly 34% say they’re against cashless businesses, while 16% are in favour. But the majority (50%) are happy to leave it up to the business to decide. It’s worth noting, however, that opposition to cash-free businesses increases with age.

The amount of consumers who say they would welcome a cashless society has fallen by -5 points to 38%. Under 30s are the demographic most in favour of a world without cash: 26% strongly agree they would welcome it, versus 20% of 31-49-year-olds and just 8% of over 50s.  

Digital payments still rule 

Despite the resurgence in cash payments, the majority of UK consumers would opt to pay with either a card (50%) or device (26%). The popularity of device payments has increased by +8 points since 2021. They’re especially popular with the 18-30 age group, 40% of whom say it’s their favourite way to pay in-store. 

Of those who prefer to pay with a card or device, the main reason for doing so is convenience: 73% say they find it a more convenient payment option (up from 63% previously). That’s probably because 40% of those who favour digital payments tend not to carry cash, although this has declined from 47% in 2021.

 Today, only 6% of people who prefer digital payments regard cash as unhygienic – that’s compared to 18% immediately post-pandemic. 

US results

Three in 10 Americans prefer cash

We don’t have historical data from the US to benchmark against, but today’s results show 30.5% of American consumers prefer to pay in cash if given the opportunity. This is a universal preference, with all age groups in agreement [view US dashboard].

However, different demographics have different reasons for favoring cash. Those aged 18-30 choose it because it prevents overspending (45%), while 31-49-year-olds believe cash is “more reliable” (54%), and over 50s think it provides protection from fraud (55%).

Interestingly, those aged 31-49 over-index for saying they get paid in cash: 24%, versus 13% of over under 30s and 10% of over 50s. Only 4% of Americans in our survey say they don’t have access to another means of payment, but 31% are attracted to cash because it means they don’t have to share their data. 

Going cashless might alienate older consumers

Younger Americans are more likely to be in favor of a cashless society than against it, but those aged 50-67 firmly oppose the US becoming a cash-free nation. Just over 50% say they wouldn’t welcome a cashless society (while only 30% would). That’s in comparison to 25% of under 30s and 28% of 31-49-year-olds who are actively against the idea. 

41% of American consumers are against cash-free businesses

When it comes to businesses not accepting cash, the over 50s are most likely to object: 41% say they’re against cashless businesses, versus 28% of the younger age groups. And although half of over 50s are happy to leave it up to the business to decide whether or not to accept cash, businesses that do opt to ban cash risk alienating a significant percentage of that demographic.  

With that said, if your brand is targeting consumers in the Millennial bracket, focusing on digital payments might make sense. A quarter of this demographic (more than any other) strongly agree they would welcome the prospect of a cashless society, with 53% preferring not to carry out transactions with cash. 

Digital payments preferred, but reliability concerns are high

Although more than half of each age group tends to carry cash in their wallets, most consumers prefer to use a digital payment method. Cards are the most popular payment type overall, but under 30s are more likely than other age groups to choose device payments (19%).

The top reason for favoring digital payments is the convenience they offer (58%), but another benefit is that paying digitally helps people to keep track of what they’ve spent (40%). While those of all ages agree on these advantages, under 30s over-index for using cards to help them build their credit score (22%) and also because they worry about losing cash or being shortchanged (20%). Meanwhile, those aged 50-67 are significantly more likely than other age groups to favor card payments because they can earn points or cashback (39%). 

Despite the benefits offered by digital payments, providers should note a reasonable amount of concern among US consumers surrounding their reliability. More than half of Americans worry about power outages or cyber attacks causing digital payments to fail. This fear is most pronounced among the under 30s, 57% of whom agree it worries them.