Cash machine withdrawals 'increase 7% in December'
Published 23 December 2011 by Daniel Culpan
Cash machine withdrawals this December have increased by 7% to £7.6 billion compared with the same time last year, as last-minute Christmas shoppers continue to spend.
Christmas shoppers are withdrawing more money from cash machines this year than they did last December, with the total value of withdrawals so far rising by 7% to £7.6 billion.
Cash machine network Link, which accounts for 70% of all UK cash machines, commented that the milder weather we've seen this December has helped to boost cash machine withdrawals.
Head of Link, John Howells, commented: "Last year's figures were affected by snow and with the good weather we've been having this year we are seeing some big daily swings."
Furthermore, a survey carried out by Sainsbury's Finance has estimated that over £11 billion will be withdrawn from cash machines this month - a significant increase from last December's £10.3 billion. This equates to a massive £354 million a day - or £246,000 every minute!
And with just a day left before Christmas, the festive spending frenzy is expected to hit its peak today. Sainsbury's expects the biggest volume of money to be withdrawn from cash machines today, as shoppers snap up their last-minute Christmas gifts and items.
Alex Blake, head of ATMs at Sainsbury's Finance, commented: "December is traditionally the busiest month in terms of the amount of cash withdrawn from cash machines, and we expect this Christmas to be no different."
A spokesperson for thinkmoney said: "With just one day to go before Christmas, many people will be looking to make last-minute purchases. If you're looking for advice on getting all your Christmas shopping done at the final hour, thinkmoney's last-minute Christmas shopping tips could really help you."