8 August 2022: Post Office Cash Withdrawals Hit Record High
The amount of cash withdrawn over UK Post Office counters hit a record high of £801 million in July – an increase of 20% compared to this time last year, and a 8% rise on the £744 million withdrawn in June, its latest figures show.
The Post Office attributes the unprecedented rise to a ‘growing reliance’ on cash for households trying to manage budgets often on a day-to-day basis in the face of rising living costs – coupled with the continued popularity of UK ‘staycations’.
Its research found that 71% of Brits plan to take out cash before leaving to go on holiday in the UK, while almost a third had been ‘caught out’ without any cash while away.
July marked only the second time that personal cash withdrawals have exceeded £800 million, according to the Post Office. The last time was in December 2021, although withdrawals traditionally peak at Christmas.
Cash being paid in over Post Office counters also saw a rise in July – albeit a much smaller 2% – compared to the previous month, to a total of £1.25 billion, while business cash deposits rose by a similar amount.
Last month also marked the first time that cash deposits and withdrawals together exceeded £3.3 billion in a single month in 360 years, with a total of £3.32 billion being handled at Post Office branches.
Martin Kearsley, banking director at the Post Office, said: “Our latest figures clearly show…
