The Vaultex one-week ‘cash only’ challenge
Cash has made the headlines for positive reasons recently.
The Cost-of-Living crisis has contributed to its resurgence because of budgeting benefits, whilst recent UK Finance data reinforced just how crucial access to cash remains in UK society.
As representatives of the cash industry who enjoy seeing it thrive, we wanted to continue this encouraging momentum. Our solution? A one-week cash only challenge for the whole Vaultex community to participate in.
It was as self-explanatory as it sounds. For one-week, the people of Vaultex used cash for their everyday purchases: supermarket shops, petrol fill-ups, pints in the pub, meals out, bus fares, badminton sessions and everything in between. It was a great opportunity to champion cash outside the four-walls of a Vaultex site, make some savings along the way, and… learn all about it.
As a payment method, our people’s experiences were wholly conclusive on the conveniences cash can bring:
- Gain greater value, control, and awareness of your spending, or repayments, by planning ahead and allocating a budget for the week
- Improved discipline. Impulse buys and the nice-to-haves that often make their way to the supermarket checkout didn’t get a second glance
- You don’t want your partner to see their birthday present on the joint account statement. Paying in cash keeps it private!
- More sociable. Paying with cash encourages more interaction with the person behind the counter, the waitress you want to tip, the owner of the stall along the beachfront, the bus driver taking you to work, or the busker in the street
- Fresh air! A stroll to the local ATM to withdraw your budget provided the opportunity to exercise and mentally prepare for the day, or week, ahead
- It’s great for emergencies! Sometimes technology failure means it’s vital. We have all seen the hastily written/printed signs: ‘Card machine down, cash only’!
- Doing your bit to support local businesses. Smaller, more independent business displayed noticeable gratitude and appreciation for cash purchases due the to the rise of contactless / card transaction fees
- Exploiting ‘cash only’ deals used by certain eateries, offered at a cheaper rate to card payments
- Education! Many experiences referenced involving younger family members in the process – i.e., grandchildren – to teach them the value of cash and the concept of hard-earned savings
Of course, in an ever-growing digital world, experiences also acknowledged that cash faces more competition than ever before. Cashless venues and establishments are a reality of the modern-day, and retaining both a choice of payment method and good access to cash is critical.
However, with the information at our disposal as the market-leading cash processor in the UK, we have long been well placed to know cash remains imperative to many of our people and customers – and that won’t stop any time soon.
This challenge reaffirmed: our commitment to providing continued access to cash is the right one; the unique benefits of cash as a payment method cannot be replicated elsewhere; and, overwhelmingly, its value to UK society should never be questioned.