Why Britons are hoarding £50 notes—and should you?

It sounds like a paradox: cash payments are at an all-time low in Britain, yet the amount of banknotes in circulation has surged. New figures from the Bank of England reveal there’s now £91.5 billion worth of notes in people’s wallets, purses and hiding places—up nearly 63% since 2014.

What’s particularly striking is the boom in £50 notes. Despite most cash machines refusing to dispense them, the value of £50 notes in circulation jumped 10.5% in the past year alone. Since 2014, there’s been a 62.7% rise overall. So what’s going on?

The evidence suggests two main reasons. First, many people—particularly non-residents—are holding sterling as a store of value during uncertain times. When you don’t trust your own currency or economy, holding physical cash in a stable currency feels safer. Second, with interest rates having been low, some savers simply don’t bother moving money into savings accounts.

But there’s a broader message here for everyday Britons: keeping some physical cash at home for emergencies is making a comeback. Graham Mott, from LINK (the cash machine network), explains that “cash feels safe” when things go wrong. Whether it’s a cyber attack, a power cut, or a bank system failure, having cash means you can still buy essentials.

Last year, £80 billion was withdrawn from cash machines across Britain—roughly £1,350 per adult. That’s a reminder that despite the rise of contactless and digital wallets, physical money still matters.

If you want to build an emergency cash stash, aim for enough to cover essential expenses for a week or two. Keep it somewhere safe at home—not under the mattress, but in a lockable drawer or small safe. You won’t earn interest, but you will have peace of mind. In times of uncertainty, that’s worth something.

Need help with budgeting or emergency savings? Visit StepChange or your local Citizens Advice bureau for free, impartial guidance.