September 2022
EDITORIAL: The Demand for cash by older consumers
It’s unsurprising that numerous studies conducted around the world, including one on behalf of the IMF, have recognised the correlation between aged segments of the population and the demand for cash. The older the population, in some cases unfamiliar with technology and generally fearful of the consequences of its use, have continued to use cash. In difficult economic times this demand has remained constant.
A question for policy makers is, given the rapidly aging population, how are these consumers going to be able to access cash if the usual convenient institutions are no longer convenient? Last month we recognised the increasing role of Post Offices in helping to deposit and dispense cash, and while this does provide part of the solution there remains places where this is not possible.
In recognising the need to protect such consumers as well as others who rely on cash in their daily lives, the UK Government announced on 19 May 2022 that through the Financial Conduct Authority (FCA) people in communities across the UK will see their access to cash protected. For the first time UK’s largest financial institutions will be subject to new FCA powers to ensure the availability of cash facilities in local communities.
The Economic Secretary at the time John Glen said, “Millions of people across the UK still rely on cash, particularly those in vulnerable groups, and today we are delivering on our promise to ensure that access to cash is protected in communities across the country”.
This laudable policy position implemented by the UK Government is clear recognition that the older and more vulnerable segments of the population must be protected as the UK and other countries embrace the digital world. Policy makers around the world please take note.
The Death of a much-loved Monarch
On the announcement of the death of Queen Elizabeth not only did the world stop and reflect but the presses used in the production of coins depicting the effigy of her majesty also stopped. To say that she has been a loss to the UK and the Commonwealth would be a gross understatement of how she was loved and admired throughout the world.
On behalf of the Mint Industry we would like to send our condolences to the family and to the UK and Commonwealth residents who have lost a truly great example of a person who lived her values of integrity, commitment, sacrifice and humility.
From the Commonwealth countries who had the honour of having her effigy, in varying contemporised images, on their coins and notes – thank you.