Fewer than half of UK adults carry a wallet as cashless trend grows
The days of always grabbing your wallet before leaving the house may be coming to an end. New research from cash machine network LINK shows fewer than half of UK adults now carry a wallet or purse — something that would have been hard to imagine just ten years ago.
Instead, more people are relying on cards stored on their phone or smartwatch. For many, tapping to pay has become second nature. But the report warns that this convenience comes with a risk — if the technology fails, you could be left unable to pay for everyday essentials.
Almost two‑thirds of people say they’ve already experienced a payment problem, often caused by system outages. That could mean anything from a supermarket till going down to a mobile banking app glitch. Millions carry no cash at all, and many only have one way to pay — leaving them with no backup if that method stops working.
Adrian Roberts, LINK’s Deputy CEO, said:
“Digital payments are quick and easy, but they’re not perfect. We need to make sure cash is still available while work continues to make digital systems more reliable. People can also take simple steps to protect themselves, like keeping a small amount of cash at home or having more than one payment option.”
The research also found:
- Only 48% of people consider carrying a physical wallet essential to daily life
- 51% carry a digital wallet on a smartphone or smartwatch
- 7% carry no cash at all, and 23% have none at home
- 40% of digital wallet users have just one card set up on it
- The typical amount of cash carried is £20, with £10 kept at home
Younger adults are the most likely to go fully digital, while older generations still prefer to carry a debit card or some cash. Higher‑income households are more likely to adopt digital wallets, but outages can affect anyone — regardless of age or income.
LINK’s advice is simple: keep a small cash reserve, have more than one payment method, and carry a portable charger so your phone doesn’t die when you need it most.
The findings come as the Bank of England works on a National Payments Vision to improve resilience and inclusivity in the UK’s payment systems. LINK says its recommendations are aimed at making sure the country has a payment network that works for everyone — whether they prefer coins and notes, contactless cards, or the latest mobile tech.
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