UK Cash Hoarding Trend Reveals Public Craves Permissionless Money

The UK's cash hoarding trend reveals that people still crave permissionless money. Despite digital payments' popularity, many Brits prefer to keep some cash at home for emergencies.

A recent Bank of England report shows that while cash usage has decreased from 58% in 2009 to just 8% in 2025, the value of banknotes on its balance sheet increased from £50 billion to £99 billion over the same period. The public now holds £94 billion worth of notes.

Cash provides a sense of security and independence, as it doesn't rely on digital infrastructure or institutions to function. This is particularly important during crises, such as power outages or bank app failures.

The European Central Bank's research confirms that public demand for cash surges during emergencies, including the 2008 financial crisis, Greece's sovereign debt crisis, the pandemic, and the war in Ukraine.