Majority of consumers find it easy to get the cash they need

Access to money has improved in recent years, with a majority of people saying it is very easy to get the cash they need.

This is according to the Payments Council, which has released a report reviewing consumer and business satisfaction regarding their access to cash.

It is now easier than ever before to withdraw money from a bank account, with the emergence of ATMs and cashback schemes in hospitality and retail outlets – many supermarkets for example offer customers the option to withdraw money upon purchasing their shopping.

This means that consumers are finding it much more convenient to get access to their money. Some 24 per cent of participants believe it is easier than it was three years ago, while 74 per cent claim it to be about the same.

Of the consumers and small businesses surveyed, a vast majority (81 per cent) said it was very easy for them to gain access to the money they need. The respondents also said they were highly satisfied with the services provided.

Another report by the Payments Council focused on low-income consumers who are struggling to manage their money. It looked primarily at those with the tightest budgets, who are not in employment.

According to the report, the main issues for these people were out of order ATMs in poorly serviced areas and a limited availability of small denomination notes. This can lead to people withdrawing more than they need because they can't get a low amount, making it more difficult to manage their money.

Having such ease of access to finances can also be a burden, as it can become difficult to keep track of how much money is left in the account once money is withdrawn. It is easy for people to slip into their overdrafts and start to rack up debt. This can often result in many seeking debt advice as they attempt to balance the books.

The Payments Council will perform further research and address whether any improvements can be made.

By Amy White