Money talks: Nationwide says Britons are preferring to have cash in the cost-of-living crisis

Data released from Nationwide states that nearly 33 million withdrawals were made from a Nationwide ATMs last year, a 10 per cent increase on 2023.

The surge, it says, is in light of the cost of living crisis where people prefer to have the physical cash to budget and split up, a change since the shift to a cashless society in the pandemic where withdrawals fell 40 per cent.

The biggest cash withdrawal periods were the week before Christmas, presumably for people to budget across food and presents, and the second highest was the week leading up to Black Friday.

Not only is the cash lifestyle on the rise, nearly half of all transactions, 43 per cent, were for other services such as printing mini bills, paying bills, paying in cash and cheques and changing pins.

Bank closures have also removed vital services from high streets across the country, causing an influx of non-Nationwide customers using their cash withdrawal services, up 16 per cent.

Nationwide has “reaffirmed its commitment to communities by continuing to offer face-to-face service, with its Branch Promise meaning everywhere it has a branch” set to remain until at least 2028.