Does Your Money Jiggle Jiggle or Fold?

A consultation has been launched to review cash and digital payment usage across the Isle of Man. 

The gov has also recently consulted on taking 1p, 2p and 5p coins out of circulation. It said ‘demand for cash, and low value denominations in particular, has declined’, with this being further driven by inflation. 

From this new survey, views will be taken into account about the access and usage of cash and digital payment methods on the island.

The survey will also collect information on relevant topics to further the knowledge of attitudes and behaviours surrounding the usage and access to cash on the island and the survey will also provide views on digital payment preferences. 

When results are collected, they will be used to provide extra information on whether further provisions are required to ensure that there are suitable cash and payment services available for residents on the island. 

Enterprise Minister Tim Johnston has said that especially because of the COVID pandemic, the attitudes towards using and accessing cash in the past few years have changed. He also said that although digital payment options have increased, there are people in society who still prefer the usage of cash. 

He said that the survey will ‘gain a better understanding of how residents across all ages use and view cash on the island, and any barriers to obtaining or using cash, or making digital preferences’. 

Mr Johnston said: ‘I encourage all residents to share their views so that we can gather a full picture on this topic and further understand the provisions required to ensure the right services are available’.

The consultation has been launched following the publication of the ‘Access to Cash Report’ in 2022. It was developed due to recent major shifts in how consumers and businesses are using cash, with the COVID pandemic being the main source for speeding up change. 

The closing date for the survey is Thursday September 7.

The survey can be found here.

There are paper copies available to collect from the Department of Enterprise reception, the Welcome Centre, Villa Marina, Benefits office, the Northern, Southern and Western Wellbeing Centres.