FED, I think the prevailing attitude in the immediate post-war era was that's done never again and the medals given to the sprogs to play with. Those still serving knew they needed them for the weekly parades and funerals.
My old man always wore the ribbons but never cherished the medals. He wore the ribbons as it was the done thing in the merchant navy or indeed just about any service where uniforms were worn - doormen, policemen, fire service, bus conductors (?).