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Home > Your Industry > Technology for Advisers

‘Tried and tested’ cheques here to stay

Despite all the advances in payment technology, financial consumers are reluctant to give up on the chequebook, a survey has claimed.

By Marc Shoffman | Published May 16, 2012 | comments

A poll by Mintel has revealed that two thirds of consumers believe that banks should be forced to continue to offer customers the option of having a chequebook.

There was a link between age and cheque use, with 52 per cent of under-25s having never used a cheque, according to the survey.

Toby Clark, head of financial services for Mintel, said: “There is a strong conservative streak among the British public, as confirmed by the the outcry and subsequent climbdown when banks tried to withdraw support for chequebooks.

“But offering cheques costs banks money, and in the end, that costs all of us money. If people had to pay a little extra if they wanted to have the option of writing a cheque, I’m not sure that they’d still be as set on keeping that service going.”

“At the moment, consumers are mainly sticking to the tried and tested. Even people who have been issued with contactless cards are more likely than not to ignore the contactless feature.”

The poll also found there was interest in mobile payments, although many were worried about fraud and security.

Colin Parkin, director of Lincolnshire-based Ample Financial Services, said: “Remembering pin numbers and using debit cards is a pain for the older generation.

“We do take cheques from clients, but we are not seeing as many as we did two years ago.”

Last year, Financial Adviser’s successful Save our Cheques campaign fought on behalf of charities and IFAs who claimed the removal of cheques would limit the way they do business, and hit pensioners and small businesses hardest.

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