- Link expects almost £370m to be withdrawn in cash on 24 December
Britons are expected to withdraw more cash tomorrow than on any other day this year – but the amount has plummeted by more than 50 per cent in just eight years.
Almost £370m is expected to be withdrawn in cash on 24 December, according to the ATM network, Link.
Historically, the busiest day for cash machines on the Link network was 22 December 2017 when £766million was withdrawn.
Tomorrow, Britons are set to take out £396million less, a drop of 51 per cent, as many opt for card or contactless spending instead.
Despite this, 41 per cent of adults still plan to carry a purse or wallet over Christmas, with the same amount saying they want to have multiple payment options, for example cash as well as card.
Link said the average withdrawal on Christmas Eve is set to be £124, as shoppers buy last-minute supplies, stock up on cash for festive outings and take out money to slip into Christmas cards.
Those in Northern Ireland are most likely to take out cash, with 28 per cent believing physical money is important, followed by north east England at 26 per cent.
Braving the crowds: Almost half of shoppers say they still do some of their Christmas shopping at shopping centres or high-street independents
Graham Mott, director of strategy at Link said: ‘Christmas is always a special time and for cash machines it is the busiest time of the year.
‘As Christmas falls mid-week, we’d expect Christmas Eve to be the busiest day.’
However, many shoppers have sorted their Christmas shopping far in advance.
More than one in four adults who plan to buy gifts this year say that they completed all of their Christmas shopping before Black Friday, according to a recent survey by Link.
Nearly half prefer to spread purchases throughout December, with only 7 per cent leaving it to the final few days, although younger shoppers under 25 are more likely to cut it fine.
Mott added: ‘It’s interesting to know that so many people have already completed their shopping – but as ever – there’ll be quite a few of us leaving it until the last couple of days. The ATMs will be well-stocked for last minute gifts.’
When it comes to where people are doing their shopping, online-only retailers such as Amazon and Temu dominate with 57 per cent of people relying on them.
However, lots of people are still hitting the high street. Nearly half of people say they bought at least some of their gifts in a shopping centre, while 46 per cent said they used an independent shop.
Of people who celebrate Christmas, 5 per cent thought they might give or receive cryptocurrency as a gift for Christmas.
Link also found 35 per cent of people are keeping a close eye on their festive spending, and 18 per cent had set money aside over the year to cover costs.
However, one in three say they had no financial worries when it came to Christmas shopping.
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