According to consumer group What? Danger of being “left behind” when branches and ATMs close.
His analysis suggests that branches in rural areas closed faster than in urban ones.
Which? has joined other consumer and business groups to call on the government to legislate soon to protect access to cash.
The Treasury Department said it recognizes cash remains “vital” for millions of people.
The consumer group wrote a letter to the Treasury Department on Monday calling for urgent action.
“With the rising cost of living putting additional pressure on people’s personal finances, the consequences of not being able to withdraw cash could be significant for those consumers who already depend on it,” it said.
“Unless legislation is introduced urgently, the ability to access, spend and deposit cash could be permanently lost for many consumers, leaving some of the most disadvantaged in society at risk of financial exclusion with no opportunity to work for to pay for the goods and services they need in their daily lives.”
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It is also supported by other organizations such as Age UK, StepChange Debt Charity, British Retail Consortium, Money and Mental Health Policy Institute and the Federation of Small Businesses (FSB).
FSB national chair Martin McTague, who sits on the Access to Cash Pilots Board, said the Queen’s forthcoming speech next month is the “last chance to protect access to cash”.
The new analysis of which? revealed that 4,685 bank branches have closed their doors since 2015.
By the end of the year, 226 more are already expected to close, while the number of closures in rural areas has exceeded that in urban areas.
Since 2015, the banking network in rural constituencies has been halved (50.7%) compared to 47.3% in urban areas.
It also identified 17 parliamentary constituencies that have particularly poor access to cash — with three or fewer bank branches and 30 or fewer free-to-use ATMs.
On average, people aged 65 and over make up about a quarter of the population in these 17 areas. say have poor access to cash.
Carmarthen East and Dinefwr in Wales, for example, have lost 13 out of 15 bank branches since 2015 and have a relatively high proportion of elderly residents.
According to recent statistics from the UK’s Financial Conduct Authority, most people have reasonable access to cash through some combination of bank, building society or post office branch and ATM.
However, it turns out that people in rural areas, on average, have to travel farther to deposit or withdraw cash.
Although fewer people use cash exclusively, those who do tend to be from weaker backgrounds, are older, or have very low incomes.
John Howells, chief of free-to-use ATM network Link, said: “While cash use has declined by around 40% since the pandemic began, millions of consumers, including some of the most vulnerable, still rely on cash on a daily basis.
“Link believes consumers in all communities in the UK should have free access to cash and is working with the industry to uphold it.”
Late last year, the Access to Cash Action Group also laid out plans for how the industry could ensure access for the most vulnerable.
Proposed solutions included shared banking hubs, free ATMs, and stores offering cashback without purchases.
A Treasury spokesman said: “We know cash remains essential to millions of people and we are committed to protecting access to cash across the UK.
“As a result, we’ve consulted on plans for new legislation to ensure people only have to travel a reasonable distance to deposit or withdraw cash, and have already enacted legislation that would allow shops to offer customers cashback without paying a customer.” have to make a purchase. “
The spokesman added that the Treasury will present plans “in due course” after the consultation.
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