digital literacy

This story points to the need to enhance financial digital literacy amongst the most vulnerable and isolated groups in rural areas. It tells us:

People are taking out more money when they visit ATMs, with the average amount climbing more than £10 to just under £80 in the last two years.

But they’re using cash machines 40% less than before and withdrawing £44 a month less.

Withdrawals are now nearly £100m less a day than in 2019, said cash machine network Link.

“Covid has turbocharged the switch to digital,” said Nick Quin, head of financial inclusion at the network.

Before the pandemic, each adult in the UK visited a cash machine on average three times a month, taking out on average £66.99. That amount has climbed to £78.54.

However, 18 months after the coronavirus crisis started, visits are now less than twice a month.

That means the total average amount each month withdrawn per person has fallen £44, from £200.97 to £157.08.