Press release -
Cash transactions dip in July suggests consumers may have started tightening their belts
- Cash transactions and deposits at Post Offices totalled £3.33 billion in July, slightly down on June’s £3.35 billion
- Personal cash withdrawals totalled £815 million in July, down 2.5% month-on-month (£836 million, June 2023)
- Business cash deposits totalled £1.14 billion in July, also down 2.5% month-on-month (£1.17 billion, June 2023)
- In contrast, personal cash deposits totalled £1.34 billion in July, up 2.4% month-on-month (£1.31 billion, June 2023) and marginally up year-on-year (+0.2%)
- “Small reductions in cash withdrawals and business cash deposits in what is normally a very busy summer month is an indication consumers may have started tightening their belts”, Martin Kearsley, Post Office Banking Director
New figures today reveal cash transactions totalled £3.33 billion at Post Offices in July – a slight fall on June’s £3.35 billion – which the Post Office suggests may be a sign that consumers started tightening their belts last month.
Personal cash withdrawals totalled £815 million in July, down 2.5% month-on-month (£836 million, June 2023) but still up 1.8% year-on-year (£801 million, July 2022).
Business cash deposits totalled £1.14 billion in July, down 2.5% month-on-month (£1.17 billion, June 2023) and the figure was flat year-on-year.
In contrast, personal cash deposits totalled £1.34 billion which was up 2.4% month-on-month (£1.31 billion, June 2023). Personal cash deposits in July were at their highest level since January 2023 when £1.38 billion was deposited.
Martin Kearsley, Post Office Banking Director, said:
“Small reductions in cash withdrawals and business cash deposits in what is normally a very busy summer month is an indication consumers may have started tightening their belts – or may just reflect the poor weather. The increase in personal cash deposits suggests people could be putting some money aside for summer staycations or possibly for a more financially constrained autumn. Last August, we saw our highest ever business cash deposit totals and we’ll be monitoring this month’s figures closely as a guide to how confident consumers are feeling when it comes to parting with their cash on hospitality and leisure activities.”
In August 2022, business cash deposits alone totalled £1.21 billion, the first and only time so far that business cash deposits have exceeded £1.2 billion in a single month.
The over £3 billion worth of cash transactions at Post Office branches have been driven by continued bank branch closures, highlighting the importance of Post Offices within communities. Since 2015, a total of 5,632 banks and building societies have closed or are scheduled to close and over 500 bank branch closures have been announced for 2023 so far.
Post Office has partnerships with over 30 banks, building societies and credit unions meaning that 99% of UK bank customers can access their accounts at their Post Office branch.
Post Office Cash tracker data – July 2023
Cash deposits value (business & personal) | MOM% | YOY% | Cash withdrawals value (business & personal) | MOM% | YOY% | Total cash deposits & withdrawal value for July 2023 | |
UK[1] | £2.48bn | +0.1% | -0.1% | £845.1m | -2.6% | +2.0% | £3.33bn |
England | £2.06bn | +0.3% | +0.2% | £661.8m | -2.2% | +2.4% | £2.73bn |
Scotland | £167.0m | -0.7% | -5.5% | £58.2m | -4.7% | -3.1% | £225.2m |
Wales | £129.4m | +0.9% | +2.0% | £66.8m | -1.3% | -0.2% | £196.3m |
Northern Ireland | £124.4m | -3.5% | +0.9% | £58.3m | -6.3% | +5.3% | £182.7m |
Business cash deposits
Personal cash deposits
Personal cash withdrawals
For further data and analysis, visit https://corporate.postoffice.co.uk/cashtracker
[1] Figures for cash deposits value and cash withdrawals value by country have been rounded to the nearest million. This is why value figures per country will not add up exactly to the total for the UK.
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About the Post Office
- With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
- Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
- Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
- Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; and; bill payments services.
- Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
- 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.
