Report Shows Digital Natives Prefer Using Cash Abroad
Digital natives are rediscovering the joys of physical money, according to sales data released by the national chain of travel money shops, according to the leading provider of foreign exchange services in the UK No1Currency.
Under 25s now account for 13.7% of foreign currency orders placed on No1 Currency’s website, up from just 3.4% in 2019.The increase marks a sea change for the 18-24 age group, which includes Generation Z youngsters and is by far the most likely to use mobile and contactless payments at home. At the other end of the age spectrum, barely one in 10 (11.1%) orders placed for foreign banknotes now come from Baby Boomers aged over 65, down by over a third compared to the proportion recorded in 2019 (17.1%).
Simon Phillips, Managing Director of the Exchange services believes that the jump in demand for foreign currency from Britons heading abroad is about more than just the travel sector’s post-pandemic resurgence.
He also says “We’re seeing increasing numbers of UK travellers including digital natives who typically use their mobile phone to pay for nearly everything at home opt for the ease, practicality and certainty of cash while abroad. Cash is very much still king in many countries, and having some local currency in your pocket doesn’t just make travel simpler whether you’re paying for a taxi or leaving a tip. It also makes it easier to budget and keep track of what you’ve spent.
The increasing appetite among travellers to take cash on their trips abroad echos official data from UK Finance which showed that as inflation took off in 2022, the number of cash payments made in the UK rose to 6.4bn a year, while the number of Britons using cash very infrequently fell.
