A recent research by the Britsh Post Office unveiled that 71% of Brits planning on going on vacation in the UK this year intends to take out cash before leaving. There have been high increase in cash deposit and withdrawals in Britain. People are going back to cash because they believe that it keeps tighter control on their spending as living costs soar.
It is believed that cash helps people budget, as using it means you literally can count the pennies. Paying with a card or crypto currency make spending easy and convenient that sometimes one tends to overspend. Sometimes one might not even know the balance of his account but with cash you are always aware of how much you have.
What do you think?
https://www.bbc.com/news/business-62437819I think there is logic and common sense in using cash to better manage your budget. Somewhere a long time ago I heard about studies (don't ask for a link because I don't remember the source) stating that people spend money with bank cards faster and easier than cash. I tend to think that this is close to reality, because it intersects with my personal experience. It is more convenient and rational for me to keep track of the balance of my wallet if it is cash, not digital. I see that people around are more and more involved in the digitalization of money. Digital money is undoubtedly crowding out cash, taking a share every year. The days of cash days are numbered and they will inevitably be forced out of circulation. And what is reported in this news, I consider a temporary phenomenon. Such bursts of increased demand for cash will happen from time to time, but this will not help and the digitalization of money by 100% is inevitable.