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The Post Office is forecasting a record-breaking number of personal cash withdrawals this month, expected to exceed £1bn.
This prediction surpasses last year’s record numbers during the festive shopping season, with December 2023 witnessing a total of £930m in cash withdrawals, as reported by City AM.
The latest figures showed that a total of £916m in personal cash was withdrawn in November, marking a 1.6 per cent month-on-month decline from the previous month. Personal and business cash deposits also decreased to £1.45bn and £1.1bn respectively, down month-on-month by 2.5 per cent and seven per cent, reflecting the nationwide impact of Storm Bert.
Ross Borkett, Post Office Banking Director, said this year’s predictions follow trends indicating more people will “rely on cash in order to budget in the run-up to Christmas Day,” He added: “We’re seeing indications that personal cash withdrawals will be greater in December than the previous year,” Borkett also noted that following the disruption caused by Storm Bert last month, postmasters and their teams are ready to support small businesses who heavily rely on cash takings in the lead up to Christmas. The Post Office recorded its highest daily withdrawal for cash on 22 December 2023, with over £62m taken out over the counter just days before Christmas.
According to the UK cash access and ATM network Link, it was also one of the busiest days of the year for cash machine withdrawals, with approximately £460m taken out on the last working day before Christmas.
