New report says cashless society increases risk of scams for 7 out of 10 vulnerable people

Following the publication of a new report by the Access to Cash Review “Is Britain Ready To Go Cashless?”, the national charity for older people, Age Scotland is warning of the travesty of leaving those in most need of cash behind.

The charity is calling for more banking support and digital training opportunities for older people and other vulnerable groups in Scotland as the report warns of an increased risk of scams in a cashless society.

The study highlighted that banknotes and coins are a necessity for eight million people despite debit cards overtaking cash in the UK as the most popular payment method last year.

The study concluded that the UK risks “sleepwalking” into becoming a cashless society with millions of people disadvantaged as a result.
Age Scotland says that the Scottish population, which is ageing faster than the rest of the UK, will find this increasingly difficult to cope with.

Commenting on the new study, Adam Stachura, Age Scotland’s Head of Policy and Communications said:

“This new report highlights that we don’t have a one-size-fits-all society and while cashless options are great for many, huge numbers of people rely on it and will continue to do so. It’s vital that people most in need of traditional payment and banking means aren’t left behind.

“Coupled with the growing number of banking deserts in Scotland, a cashless society will undoubtedly cause significant challenges and anxiety for nearly half of the UK population including those managing low and fixed budgets, people living with dementia, those with disabilities and older people.

“For many older people especially those on low and fixed incomes or with limited mobility, cash allows them greater control over their finances and avoid unnecessary debt. Around 500,000 people in Scotland over 60 don’t use the internet so managing their finances online isn’t an option.

“Older people have shared with us their distrust in relying solely on technology and their fear of scams. This new study even suggests that this would only grow in a cashless society, with 7 out of 10 vulnerable people more likely to be scammed.

“It’s clear that banks need to be more aware of the needs of the wider population and not create an economy which excludes people. There needs to be more banking support and digital training opportunities for older people and other vulnerable groups living in Scotland.”