Still Searching For Valid Research...

Posted on: 18/08/2017

In the last couple of weeks, there have been two revelations in the media purporting to be the findings of worthwhile market research.

Cash has been the intended victim on both occasions.

Firstly, there were headlines announcing that a survey had found that 10% of young people in the UK use cash only once a month.

Cue gasps of amazement, followed by the realisation that cash is truly on the slippery slope towards extinction. Or so those paying for the survey no doubt hope.

But wait a moment. Let's just think about that research finding.

What purchases do young people make just once a month? Can you think of a single example? I certainly can't.

I can ALMOST believe - call me gullible, if you will - that a few, misguided girls & boys don't use cash at all. Silly fads inevitably have their followers.

However, I do NOT believe that anyone, young or not so, uses cash only once a month. Why would they bother? Why would they carry cash at all to spend it on one day out of 31, 30 or 28?

It doesn't make sense - and, in my experience, when something doesn't make sense, it is almost certainly not accurate.

One research finding down; one to go.

The next gem to sparkle in the headlines, mined by researchers seemingly funded to prove that cash is about to suffer the fate of the Dodo, is that the average Brit carries less than £5 in cash.

This statistic is even odder than the first. You know; the one rubbished above.

On average, every adult in the UK withdraws more than £3000 each year from ATMs - and that accounts for under 80% of the cash they use. So, on average, they are spending at least £10 in cash each day. HOW DO THEY DO THAT IF THEY HAVE ONLY £5 IN THEIR POSSESSION?

Rubbish would be a kind description of such research findings.

The anti-cash mob is growing so desperate in their quest to prove that the worlds favourite payment method is about to disappear that we can expect to be bombarded with new statistics every week, each purporting to be evidential of inexorable decline.

Never mind. I will be on hand to consider all such research findings and to consign them to the WPB, as appropriate.

I will need a VERY big WPB.

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