Money: Older People

(asked on 27th June 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the potential effect of a cashless society on the elderly.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 30th June 2022

The government recognises that while the transition towards digital payments brings many opportunities cash remains an important part of daily life for millions of people across the UK, including those who may be in vulnerable groups or elderly. The government remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor trends relating to the use of cash by people and businesses.

In the Queen’s Speech in May 2022 the government announced that it will introduce legislation to protect access to cash as part of the Financial Services and Markets Bill. The government intends to establish the FCA as the lead regulator for access to cash with responsibility to ensure that people can continue to access cash withdrawal and deposit facilities. Through this legislation the government intends to ensure that people can continue to use cash in their day-to-day lives. The Bill will be brought forward when Parliamentary time allows.

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