Commenting on news that the Payments Council is reviewing the possible reintroduction of the cheque guarantee card, Dr Ros Altmann, Director-General of over-50s group Saga, welcomed the move, saying:
“This would be a fantastic development for several groups of people. Older people do like to use cheques rather than credit or debit cards – many over-50s have lived with cheques for virtually their entire lives, and don’t quite trust electronic methods of moving of money, but, equally, don’t like carrying cash around. Small businesses or tradesmen also often rely on cheques for payment and would sometimes struggle without the security of a guarantee card.
“Of course, the decision earlier this year to keep cheques as a means of payment was great news, Saga had been calling for this for a long time, but it was never quite as great as it could have been. Without a cheque guarantee card the vast majority of businesses were reluctant – or even refused point blank – to accept cheques as a means of payment.
“Younger generations are far more comfortable with change and innovation – and view electronic movement of money as convenient – but older generations haven’t quite accepted the idea, and often simply don’t understand or have the means to move money in a digital world.
“I sometimes wonder if older people choose not to spend at all rather than use processes they don’t like or understand, so, in a small way, providing them with a way of spending may have positive effects on the economy too.”