In response to the report from Halifax claiming teenagers are increasingly requesting bank transfers from parents rather than asking for cash, the below additional comment from Simon Black, CEO, PPRO Group, looks at how older generations are reluctant to embrace the UK becoming a cashless society, which will happen by 2020 regardless.

“The findings from Halifax, that reveals teenagers are now far more likely to ask for a brank transfer from parents than asking for cash, is a clear sign that Britain is well on its way to become a cashless society by 2020, and younger generations are leading the charge. In fact, PPRO Group’s research found physical money is fast becoming redundant in today’s increasingly connected society with a third (33%) of the UK stating that they never use cash anymore. Unsurprisingly this figure rises to 51% among millennials, while older generations are stoically sticking to the coins in their purses as only 27% prefer to shop online.”

Read more here.

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