Nearly a quarter of consumers would refuse to convert to a completely cashless society and will continue use traditional methods of payment for as long as possible, according to a new study.

A survey of 1,000 consumers in the UK, Australia, Brazil and South Africa by foreign exchange firm Travelex also found that the popularity of cashless methods of payments - such as credit and debit cards, digital wallets and wearable technology - is highest amongst 36-45 year olds, rather than young Millennials.

The survey revealed that an “immovable” 24 per cent across the four markets said they will never abandon cash, regardless of the technological advances available to them.

In Brazil and South Africa, where cash use is more common, the study showed there is a strong desire for wider acceptance of cashless technologies such as payment cards and digital wallets.

In both markets, 60 per cent said that they were worried about having cash stolen from them, which suggests fear of theft is a key driver, rather than convenience.

However, surprisingly in the UK and Australia, where the use of cashless technologies is more widespread, around 80 per cent of people said that they were comfortable using cash.

The study also revealed that opinion is split on whether the cashless society is even possible.

In the UK - the most cashless country surveyed - 47 per cent of respondents said that they do not see an end to cash, closely followed by Australia with 42 per cent.

The survey also found that use of ATMs to withdraw cash is consistent across the four markets, no matter how far along the country is on its 'cashless journey', leading the study’s authors to conclude that “cash is no longer king – but neither is it dead”.

Michael Batley, head of strategy at Travelex, said the survey results suggested that the advance towards the fully cashless society is on hold, at least for now.

“It’s unlikely that any attempts to abandon cash completely will succeed,” he said.

“Even Sweden’s bid to go cashless, touted as a successful model, has seen pushback. Ultimately, only consumer demand will drive the change towards a truly cashless society and our research indicates this is further away than many realise,” he added.

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