INDUSTRY OUTLOOK funds , which is particularly beneficial when paying taxes and in cases of fraud .
However , the removal of access to cash is fraught with challenges around social inclusivity and security . The most vulnerable groups in our society – lowincome individuals and the elderly – regularly rely on cash . The Bank of England found that cash was the first preference method for 27 % of 65 + year olds and 28 % of those in lower socio-economic groups . These groups cannot afford to be locked out of financial systems by a no-compromise cashless society – and responsibility for keeping these groups on the grid financially falls on the regulator and FS firms . Without decisive action , inequality and existing barriers to financial services will grow , leaving millions financially disconnected .
Another at-risk group is small to mediumsized businesses ( SMBs ). Cash is essential for the day-to-day running of many small , local businesses . Almost half of UK SMBs still rely heavily on cash and over a third have said they ’ re not keen on moving to a completely cashless system . These businesses need to be able to serve cashpreferring customers , and simply would not survive if they were forced to turn these www . intelligentfin . tech
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