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'Emotional attachment to cheques'

By Sarah Engle, Mon 22 Sep 2008 - Published in Banking

Some savers still prefer to use cheques rather than the other payment options available, it has been claimed.

According to a spokesman for HSBC, some people may have developed a "strong emotional attachment" to the method after using them for so many years.

The representative said: "It can be nice to write a cheque. For many people it is still quite empowering and positive. They feel it puts them in control of the transaction."

In addition, the spokesman claimed it could be older savers who still favour to use cheques, as younger people tend to be more comfortable with newer payment methods.

Credit cards and online payments could be more attractive options for younger people, he suggested.

According to figures from UK payments association Apacs, high street cheque spending declined by 7.5 per cent over the last year, with plastic cards become responsible for 65 per cent of all UK retail spending.