The amount of money withdrawn from ATMs elevated 19% in 2022 as individuals tried to keep away from going into debt throughout the price of residing disaster.
In line with the numbers from Nationwide Constructing Society, greater than 30 million money withdrawals had been made. That is the primary time in 13 years that there was a rise in ATM use.
The rise indicators a partial restoration from a sudden drop when the Covid-19 pandemic hit the UK. For instance, ATM withdrawals dropped 40% from 44.5 million in 2019 to 26.4 million in 2020.
The common quantity withdrawn final 12 months was additionally as much as £105, a 25% improve on the earlier 12 months, in accordance with Nationwide.
As individuals try to higher finances, they’re utilizing ATMs for extra than simply money. Nationwide discovered that 49% of all transactions had been for different providers, equivalent to printing statements, paying payments, altering PINs and paying in money and cheques.
Nationwide reported a 34% improve within the variety of money deposits into its ATMs, with the common deposit £277, which was 37% increased than 5 years in the past.
Otto Benz, director of funds at Nationwide Constructing Society, mentioned: “For the primary time in years, we’re seeing a pure rise in money withdrawals as individuals return to utilizing money to assist keep away from entering into debt from the rising price of residing.
“ATMs play a significant position in society, enabling individuals to simply entry money. Nonetheless, through the years, they’ve supplied better functionality for individuals to handle their cash, whether or not that’s checking their steadiness or paying a family invoice.”
The findings distinction with analysis outcomes revealed in September final 12 months by cloud-based card processing platform Marqeta, which discovered that individuals had been on the lookout for extra credit score choices and making an attempt to higher handle their funds.
The survey 4,000 individuals, together with 1,000 within the UK, Marqeta discovered that a number of customers had been turning to credit score to deal with the rising price of residing, with 57% of these surveyed having used bank cards to make ends meet over the previous 12 months.
