Do YOU ​​live in one of Britain’s 18 most cash-strapped cities?

Less than half of residents in Britain’s 18 local authorities now have access to cash within a mile radius, a new report reveals.

Peterborough is now one of Britain’s most financially neglected cities, with just 21 per cent of people able to access cash within a mile radius, Fair4All Finance analysis of FCA data shows.

This is followed by Middlesbrough and South Tyneside, where fewer than three in 10 people can access an ATM within a mile.

The analysis looked at 361 local authorities in Britain and found 18 areas where more than half of the adult population lives in financially vulnerable circumstances and less than half have access to cash within a one-mile radius.

Peterborough, Middlesbrough and Sunderland have the lowest levels of cash accessibility across the country.

Other areas such as Harlow, Sunderland and Blackburn with Darwen show a similarly alarming trend, although Darwen received a banking center this week following a community request following the closure of bank branches in the town.

The majority of the population (more than 97 percent) lives within a mile of a cash pickup location. But fewer than one in three residents in Peterborough, Middlesbrough and South Tyneside can find an ATM within a mile of them.

Fair4All Finance said the limited availability of cash risks making things more difficult for those already facing financial difficulties, as vulnerable households often rely on cash for budgeting and transactions. This is further affected by the decline in access points to cash.

According to the FCA, around 3 million people rely on cash for most or all purchases.

Around 1.5 million adults used cash as their main spending method last year, according to UK Finance data, the first increase since 2019.

He said this can be attributed to the cost of living crisis, as more and more people choose cash for budgeting. Only 900,000 used coins and bills as their main spending method in 2022.

The Labor Party has promised 350 banking centers for unbanked communities by the end of Parliament, and 100 of them are already open.

Banking centers have a traditional counter service operated by the Post Office, and community bankers from nine major banks operate on a rotating basis to support customers with their banking needs.

There are 19 towns that could receive a banking center because they only have one bank branch in the town, including Windsor, Glastonbury, Whitstable and Alloa.

The Link ATM network conducts community assessments following the announcement of the closure of any major bank, a significant change in hours or services provided, or when requested by a member of a community.

New banking centers or deposit services are then recommended by Link and delivered by the bank-owned charity Cash Access UK.

Diane Burridge, director of Fair4all Finance, said: Access to cash is essential for millions of people who rely on it to manage their daily expenses, but it is increasingly out of reach for many communities.