Don’t take us to a cliff edge on cash payments, IoF tells government
An interesting challenge not foreseen by many charities I suspect, this article tells us:
Responding to a consultation on cash and digital payments, the Institute of Fundraising says many charities need time to adapt as the role of cash diminishes.
Any changes to government policy on using cash should be carefully managed to avoid a “cliff edge” that would create problems for charities, the Institute of Fundraising has said.
In its response to the government’s consultation on cash and digital payments in the new economy, which closes today, the IoF says many charities will need time to adapt as the role of cash diminishes over time.
A survey of IoF members carried out for the consultation response found that, of the 247 respondents, 70 per cent had reported an overall fall in the percentage of overall donations made by cash in the past three years, and 86 per cent expected a further decrease in the next five years.
But the survey found that much depended on the size of the charity: of charities with annual incomes of less than £1m, 75 per cent thought there would be a falls in cash donations in the next five years, while 97 per cent of charities with incomes of more than £10m held this view.