Problems accessing cash highlighted

The widespread coping strategies people are using so they can access cash or make purchases are potentially exposing them to higher fraud risks, research for the Payments Council found.

Big hurdles to people getting hold of their money included the inaccessible nature of some bank branches and ATMs which were not designed in a standard way, as well as “small and fiddly” buttons on cash machines and hard-to-read screens.

The problems are driving people to give out their cards, pins and passwords to other people to help them to get what they need.

Those without close friends and family nearby face a stark choice between sharing details with people they do not particularly know and trust or doing without cash or essentials, the report said.

The research was carried out to give the Payments Council a better understanding of the experience of payment services among people aged 80 and over and people with a disability so that it could improve people’s access to their money.

The lack of payment options catering for older people was a factor in the Payments Council last year scrapping its plans to phase out cheques.

The report said the ability to access and use a range of payment methods effectively was a “fundamental aspect of well-being”. It found some people tended to stockpile cash so they did not need to visit a bank or cash machine.

Stephen Locke, independent director of the Payments Council, said: “Promoting inclusion in our payment systems is a critical part of what the Payments Council does.

“This research paints a vivid picture of the range of challenges that are faced by older and disabled people and will play a crucial role in ensuring their needs are placed front and centre of plans to improve our payment systems.”

Can you relate to this?  Do you need help or have you helped others access their cash?