A study from Zopa Bank has found that many people in the UK are still reliant on cash as a means to budget their daily spend, as the cost of living continues to bite.

According to the bank, many “feel happy and enthusiastic” when they save more money, with cash a tangible, physical way in which to stay on top of outgoings.

“The latest survey of 2,000 adults reveals that people across the UK are opening new bank accounts for introductory perks, and returning to cold, hard cash to keep a close watch on outgoings,” reported The Express.

“Other savvy saving methods include creating savings ‘pots’, auditing unwanted subscriptions, and enforcing ‘no spend days’ to combat financial pressures. Many are also timing their direct debits to align with payday and meticulously tracking expenses, be it through high-tech apps or with a trusty pen and paper.”

Speaking on the results of the survey, Zopa Bank’s Merve Ferrero said “consumers want their finances to work harder – more dough with less effort.”

“While money is tight for most of us, today there are smart moves that can make money go further… As consumers, we want to get the value that we deserve, with less effort.”