• An estimated 25 million Brits (45%) leave the house with only their phone as a payment method
• 66% of millennials and 72% of gen Z admit to going out with just a phone and no wallet or cards
• However, data from the Met Police shows that a phone is stolen every 4 minutes in London, and theft is on the rise in other parts of the UK too

8, May, 2024, LONDON –

New research reveals that almost 25 million Brits are leaving the house without a wallet or other payment method, relying solely on their phones.

According to new research by personal finance comparison website finder.com, 45% of adults in the UK are comfortable leaving the house without a wallet or payment card because they know they can pay on their phone with a digital wallet, such as Apple Pay or Google Pay.

A quarter of these Brits (25%) only leave the house without another way of paying occasionally, such as when they’re popping to the local shop. However, 1 in 5 (20%) admit to leaving their wallet behind frequently or all the time, with physical wallets becoming less necessary as digital wallets become more common.

There is a clear generational divide in who is happy to leave their wallet behind, with almost three-quarters of generation Z (72%) and two-thirds of millennials (66%) opting for phone-only payments when leaving the house.

At the other end of the spectrum, only 1 in 4 baby boomers (23%) and 1 in 10 silent generation members (11%) admitted that they would be comfortable leaving the house with only a phone as a payment method, even if it was just for a short period of time.

Londoners are most likely to leave their wallet behind, but mobile phone theft is on the rise

Police data shows that mobile phone theft is on the rise in London, and the equivalent of one phone is stolen every 4 minutes. 121,888 phones were stolen in a single year between November 2022 and November 2023, a 21% increase from the previous year.

However, the survey by Finder showed that Londoners were the most likely to leave their house with just their phone to pay for items in person, with 55% admitting to doing this, despite the risk of having their phone stolen.

Official warnings from the police include looking out for criminals on bikes and mopeds, who are increasingly snatching mobile phones from people when they are out and about.

Phone theft is also on the rise in other parts of the UK, according to FOI data acquired from local police, including Manchester, which has seen a 16% increase, and Cambridgeshire, which has seen a 9% increase.

To see the research in full visit: https://www.finder.com/uk/banking/digital-wallet-statistics

Louise Bastock, financial wellness expert at finder.com, warns about the risks of relying on your phone as your wallet:

“Digital wallets are a popular and convenient way to pay in 2024 – you just tap and go without needing to rummage around for your payment card. However, even though our survey shows many of us rely on our phones, it may not be a good idea to ditch the plastic entirely when you’re out and about.

“Phone theft is on the rise, especially in the capital, and leaving the house without a backup payment method could leave Brits stranded or in a dangerous position. With a phone stolen every 4 minutes in London, and theft rising elsewhere, it’s not a risk worth taking – particularly if your digital wallet is your only way to get home on public transport, for example. You can also follow some simple steps to protect yourself:

• Use the security features on your phone and in your banking apps to protect your information if your phone is stolen. Many phones allow you to lock your device or change your login information remotely.

• Be particularly aware of your surroundings at busy times, such as commuting hours. Thieves on mopeds are known to snatch phones in busy areas.

• If you do carry your bank cards, make sure to keep them separate from your phone. If criminals get their hands on both, it’s far easier for them to access your personal information and money.

Methodology:

To find out how many Brits are leaving the house with just their phones and no wallet, Finder commissioned Censuswide to carry out a nationally representative survey of 2000+ UK residents aged 16 and over between 30 April and 2 May 2024.

The equivalent number of people has then been calculated using the most recent ONS population estimates.

Figures relating to mobile phone thefts in London and other parts of the UK are from the relevant police forces, acquired by FOI requests submitted by Protect Your Bubble.