Could Australia go cashless in just three years? Here's what a finance expert wants you to know

As we continue to venture deeper into the digital age, it seems like we're moving further away from the physical, and one area where this is notably occurring is in how we handle our good old-fashioned money. The times of counting our notes and loose change may soon be gone entirely, replaced with a swish of a card or the simple click of a button. Yes, it seems that the days of the shiny dollop and the humble five-cent piece could be numbered.


shutterstock_593778029.jpg
Are our days using cash numbered? Image source: Shutterstock.




Celebrated finance expert Sarah Wells has forecasted a concerning prospect - Australia could be on the express route to becoming a full-blown cashless society in as short a time as three years.

According to Wells, such a societal shift isn't purely a sign of technological progress but could, quite tragically, bring about notable hardship, particularly for certain demographic groups. We know that a cashless society won't be all sunshine and roses for everyone.

But who exactly stands to suffer in the crossfire of this economic overhaul, you ask? Well, let's take a look.

Regional Australians are potentially in the firing line, and proof of this already exists in the closure of more than 1,600 bank branches between June 2017 and July 2022, hitting regional communities the hardest. In addition, in the event of emergencies, cash is often the safest and most reliable fallback.


Remember the 2022 floods in Lismore? With electronic payment systems down, it was the tried and true cash that saved the day as five credit unions flew in a helicopter laden withphysical currency to aid locals.

Vulnerable sections of society, such as the elderly, young children, indigenous Australians and even new immigrants, may find themselves at a disadvantage. We published an article on August 1 that explained Australia’s big banks ‘are still committed to cash’ and swear ‘they are not going cashless’. We had 30 comments from our members on that article, who all explained they have had completely different experiences.

Member @bluetang explained, ‘When you need change e.g. coins what teller machine gives you those? What use a credit card for a $2.50 roll? Even Govt. dept. charge a fee for using a card. Up go the prices because banks charge for card use.’


Another member, @NotNats shared, ‘I said it before, and I will say it again the BIG FOUR don't care about their old customers. They are closing branches & ATM services everywhere, so you have to go cashless. I still can't for the life of me understand why they don't all get in bed with other and open MULTI branches in the rural towns of Aus, one branch to service them all kind of thing. Remember, even in this day and age there are many people who cannot use digital applications to access their money due to many different reasons.’

This point made by member @NotNats is extremely true, why can’t we see more multi-branches? It could be a great solution for the banks, and most certainly for our members.


shutterstock_348158087.jpg
Withdrawing cash from an ATM is becoming an extremely costly and challenging task. Image source: Shutterstock.


Member @Ishka28 explained, ‘The figures the banks give on digital users and in-bank users are extremely misleading. Of course, the percent of digital users has increased as the banks have closed branches forcing people to use the internet and bank cards. And as for smart ATMs, they are as difficult to find as a bank. Most of the smart ATMs are actually inside the bank. It is very difficult for someone who doesn't drive anymore to do any banking outside of the internet. And sometimes, there is a need to actually talk to someone at a bank. Then there is the issue of card blockage. The other day I was actually in a bank. The three people in front of me in line were there to get their cards unblocked. This is simply ridiculous. Cards seem to easily get blocked and not so easily get unblocked.’

We couldn’t agree more with member @Ishka28. A few members of the SDC team have had to line up for hours to get their cards unblocked as well.


Respected senior citizens, whilst they too are using less cash, are still its primary users. Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user'.

On top of the experience of our members, there is no doubt that cash transactions, as Wells points out, act as a valuable learning experience for children to understand the worth of money and also improve their social skills.

'Giving a child $20 and taking them to a shopping centre, or the movies helps them to learn to budget and helps them to make decisions by thinking more carefully,' Wells advised.

Not to mention, online payments have given rise to a prosperous industry of intermediaries called payment service providers. These payment middlemen make their money by charging small fees on each transaction, a fee that wouldn't exist in a simple cash transaction.

Amid rounds of criticism faced by the cyber world, the Reserve Bank of Australia noted that 'privacy and security concerns with electronic payment methods continued to be the main reason for needing cash,' and we'd be in agreement with them on this one.


Although Wells does believe the shift towards a cashless society is inevitable, she doesn't advocate for such a drastic change to occur at warp speed, calling for a more considerate approach. 'I think we need to stop thinking about ourselves so much and our own convenience and start thinking a bit more about others,' she said wisely.

Key Takeaways
  • Finance expert Sarah Wells predicts Australia could become a cashless society within three years, with particular impact expected for regional areas, emergencies, indigenous Australians, immigrants, the elderly and children.
  • Young people will be particularly affected as they will lose valuable social interactions and financial learning opportunities with the increase of only digital transactions.
  • Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user', so a cashless society will significantly impact them.
  • While Wells believes the transition to a cashless society is inevitable, she highlights that hundreds of thousands of Australians will be negatively affected and recommends that the change should be gradual rather than rushed.


So, dear members, while we may be heading towards a cashless society in just a few short years, let's stand by our coins and notes and use them when it still makes sense to do so. While the world may be changing around us, a simple coin or banknote can still hold a lot more value than we might think. What do you think of this article, members? What are your thoughts and opinions on moving to a cashless society? Share your thoughts with us in the comment section below.
 
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For all that worry about how street stalls, sporting groups, and whoever else can deal with a cashless society, this is juse one of several devices to solve the problem:

 
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Nope.

You can purchase a small electronic tap and go device at Officeworks which allows you to accept card payments.
Not doing that when I'm selling secondhand items cheaply, and do you realise that people can now use afterpay on these small machines if they have the new after pay credit card and the seller pays the afterpay fee.
 
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Scenario : I want to buy a second hand car, privately. Normally I would go to a bank, get the cash and pay the owner for it. How will this work in a cashless society?
 
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As we continue to venture deeper into the digital age, it seems like we're moving further away from the physical, and one area where this is notably occurring is in how we handle our good old-fashioned money. The times of counting our notes and loose change may soon be gone entirely, replaced with a swish of a card or the simple click of a button. Yes, it seems that the days of the shiny dollop and the humble five-cent piece could be numbered.


View attachment 28426
Are our days using cash numbered? Image source: Shutterstock.




Celebrated finance expert Sarah Wells has forecasted a concerning prospect - Australia could be on the express route to becoming a full-blown cashless society in as short a time as three years.

According to Wells, such a societal shift isn't purely a sign of technological progress but could, quite tragically, bring about notable hardship, particularly for certain demographic groups. We know that a cashless society won't be all sunshine and roses for everyone.

But who exactly stands to suffer in the crossfire of this economic overhaul, you ask? Well, let's take a look.

Regional Australians are potentially in the firing line, and proof of this already exists in the closure of more than 1,600 bank branches between June 2017 and July 2022, hitting regional communities the hardest. In addition, in the event of emergencies, cash is often the safest and most reliable fallback.


Remember the 2022 floods in Lismore? With electronic payment systems down, it was the tried and true cash that saved the day as five credit unions flew in a helicopter laden withphysical currency to aid locals.

Vulnerable sections of society, such as the elderly, young children, indigenous Australians and even new immigrants, may find themselves at a disadvantage. We published an article on August 1 that explained Australia’s big banks ‘are still committed to cash’ and swear ‘they are not going cashless’. We had 30 comments from our members on that article, who all explained they have had completely different experiences.

Member @bluetang explained, ‘When you need change e.g. coins what teller machine gives you those? What use a credit card for a $2.50 roll? Even Govt. dept. charge a fee for using a card. Up go the prices because banks charge for card use.’


Another member, @NotNats shared, ‘I said it before, and I will say it again the BIG FOUR don't care about their old customers. They are closing branches & ATM services everywhere, so you have to go cashless. I still can't for the life of me understand why they don't all get in bed with other and open MULTI branches in the rural towns of Aus, one branch to service them all kind of thing. Remember, even in this day and age there are many people who cannot use digital applications to access their money due to many different reasons.’

This point made by member @NotNats is extremely true, why can’t we see more multi-branches? It could be a great solution for the banks, and most certainly for our members.


View attachment 28427
Withdrawing cash from an ATM is becoming an extremely costly and challenging task. Image source: Shutterstock.


Member @Ishka28 explained, ‘The figures the banks give on digital users and in-bank users are extremely misleading. Of course, the percent of digital users has increased as the banks have closed branches forcing people to use the internet and bank cards. And as for smart ATMs, they are as difficult to find as a bank. Most of the smart ATMs are actually inside the bank. It is very difficult for someone who doesn't drive anymore to do any banking outside of the internet. And sometimes, there is a need to actually talk to someone at a bank. Then there is the issue of card blockage. The other day I was actually in a bank. The three people in front of me in line were there to get their cards unblocked. This is simply ridiculous. Cards seem to easily get blocked and not so easily get unblocked.’

We couldn’t agree more with member @Ishka28. A few members of the SDC team have had to line up for hours to get their cards unblocked as well.


Respected senior citizens, whilst they too are using less cash, are still its primary users. Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user'.

On top of the experience of our members, there is no doubt that cash transactions, as Wells points out, act as a valuable learning experience for children to understand the worth of money and also improve their social skills.

'Giving a child $20 and taking them to a shopping centre, or the movies helps them to learn to budget and helps them to make decisions by thinking more carefully,' Wells advised.

Not to mention, online payments have given rise to a prosperous industry of intermediaries called payment service providers. These payment middlemen make their money by charging small fees on each transaction, a fee that wouldn't exist in a simple cash transaction.

Amid rounds of criticism faced by the cyber world, the Reserve Bank of Australia noted that 'privacy and security concerns with electronic payment methods continued to be the main reason for needing cash,' and we'd be in agreement with them on this one.


Although Wells does believe the shift towards a cashless society is inevitable, she doesn't advocate for such a drastic change to occur at warp speed, calling for a more considerate approach. 'I think we need to stop thinking about ourselves so much and our own convenience and start thinking a bit more about others,' she said wisely.

Key Takeaways

  • Finance expert Sarah Wells predicts Australia could become a cashless society within three years, with particular impact expected for regional areas, emergencies, indigenous Australians, immigrants, the elderly and children.
  • Young people will be particularly affected as they will lose valuable social interactions and financial learning opportunities with the increase of only digital transactions.
  • Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user', so a cashless society will significantly impact them.
  • While Wells believes the transition to a cashless society is inevitable, she highlights that hundreds of thousands of Australians will be negatively affected and recommends that the change should be gradual rather than rushed.


So, dear members, while we may be heading towards a cashless society in just a few short years, let's stand by our coins and notes and use them when it still makes sense to do so. While the world may be changing around us, a simple coin or banknote can still hold a lot more value than we might think. What do you think of this article, members? What are your thoughts and opinions on moving to a cashless society? Share your thoughts with us in the comment section below.
 
If anyone is into sci-fi movies you can certainly see the future of the human world. One movie that comes to mind is "Brave New World" that was screened in 2020.
We will all be controlled by the top echelon and will all have a role......
Very scarey!
 
I always like to have cash to pay for things like bread, a paper. My daughter and I had lunch at a Thai cafe in a major shopping centre last week, they offered a 15% discount if you paid cash, which saved us a bit as we also bought some takeaway dishes for tea for six people. Where I work there are a lot more customers using cash to pay for their shopping, some customers are spending up to $1000 and paying cash. I don’t believe we will ever have a cashless society.
 
A point of interest. You can do banking transactions at your local post office. I have had times where I needed to deposit a cheque, and have no local bank branch, so did it at the post office. You can also withdraw cash there.
This does not apply to all banks. My bank does not have post office access so I have to drive miles to deal with them face-to-face or get cash out from supermarket etc. But that doesn't solve the problem of needing financial advice from the bank.
 
@MaccaMan very interesting to hear you got offered 10% off your bill if you paid cash. We were in the Sydney CBD for dinner the other night (we rarely go out in the CBD as it is expensive) and we brought cash to avoid any card fees. Instead, when we brought out the cash they told us we would have to pay a fee if we were paying with cash because they didn't take cash?! I was blown away. Unsure how you can charge a fee if the cash just gets deposited to the restaurants bank for free? Absolutely bizarre! I want to see more restaurants giving 10% off if you pay cash! That's fantastic!
@MaccaMan very interesting to hear you got offered 10% off your bill if you paid cash. We were in the Sydney CBD for dinner the other night (we rarely go out in the CBD as it is expensive) and we brought cash to avoid any card fees. Instead, when we brought out the cash they told us we would have to pay a fee if we were paying with cash because they didn't take cash?! I was blown away. Unsure how you can charge a fee if the cash just gets deposited to the restaurants bank for free? Absolutely bizarre! I want to see more restaurants giving 10% off if you pay cash! That's fantastic!
@MaccaMan very interesting to hear you got offered 10% off your bill if you paid cash. We were in the Sydney CBD for dinner the other night (we rarely go out in the CBD as it is expensive) and we brought cash to avoid any card fees. Instead, when we brought out the cash they told us we would have to pay a fee if we were paying with cash because they didn't take cash?! I was blown away. Unsure how you can charge a fee if the cash just gets deposited to the restaurants bank for free? Absolutely bizarre! I want to see more restaurants giving 10% off if you pay cash! That's fantastic!
I also find it very interesting that a business wants to charge extra for using cash. I would write about the experience on ‘ trip advisor’ . A lot of people especially tourists use trip advisor, when deciding on where to eat, what activities to do in a city. Not being able to use cash would be bad for business. Name the restaurant, let people know.
 
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Will this be the end of carboat sales, plant stalls, farmers markets, these activities allowing people to sell their second hand, new goods, craft items cheaply , can only operate on a cash basis.
My sentiments exactly. I have a market stall and I only do cash. Many customers will choose what they want and then expect to use their card. This has mainly happened since covid and it's become a habit. I will be making a large Cash Only sign for my next market.
 
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For all that worry about how street stalls, sporting groups, and whoever else can deal with a cashless society, this is juse one of several devices to solve the problem:

No thank you, cash is the only way to go.
My sentiments exactly. I have a market stall and I only do cash. Many customers will choose what they want and then expect to use their card. This has mainly happened since covid and it's become a habit. I will be making a large Cash Only sign for my next market.
Be very careful, the new afterpat credit card can be used on any kind of eftpos machine and can be used on the small machines people use at the market. You get paid, but I believe that you get charged the afterpay fee if someone uses it. We tested it out using my afterpay on a friend's portable eftpos she used s at the market. I brought an item for $1, but she had an afterpay charge for $2 in her account and she doesn't use afterpay.
 
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Reactions: MC12
As we continue to venture deeper into the digital age, it seems like we're moving further away from the physical, and one area where this is notably occurring is in how we handle our good old-fashioned money. The times of counting our notes and loose change may soon be gone entirely, replaced with a swish of a card or the simple click of a button. Yes, it seems that the days of the shiny dollop and the humble five-cent piece could be numbered.


View attachment 28426
Are our days using cash numbered? Image source: Shutterstock.




Celebrated finance expert Sarah Wells has forecasted a concerning prospect - Australia could be on the express route to becoming a full-blown cashless society in as short a time as three years.

According to Wells, such a societal shift isn't purely a sign of technological progress but could, quite tragically, bring about notable hardship, particularly for certain demographic groups. We know that a cashless society won't be all sunshine and roses for everyone.

But who exactly stands to suffer in the crossfire of this economic overhaul, you ask? Well, let's take a look.

Regional Australians are potentially in the firing line, and proof of this already exists in the closure of more than 1,600 bank branches between June 2017 and July 2022, hitting regional communities the hardest. In addition, in the event of emergencies, cash is often the safest and most reliable fallback.


Remember the 2022 floods in Lismore? With electronic payment systems down, it was the tried and true cash that saved the day as five credit unions flew in a helicopter laden withphysical currency to aid locals.

Vulnerable sections of society, such as the elderly, young children, indigenous Australians and even new immigrants, may find themselves at a disadvantage. We published an article on August 1 that explained Australia’s big banks ‘are still committed to cash’ and swear ‘they are not going cashless’. We had 30 comments from our members on that article, who all explained they have had completely different experiences.

Member @bluetang explained, ‘When you need change e.g. coins what teller machine gives you those? What use a credit card for a $2.50 roll? Even Govt. dept. charge a fee for using a card. Up go the prices because banks charge for card use.’


Another member, @NotNats shared, ‘I said it before, and I will say it again the BIG FOUR don't care about their old customers. They are closing branches & ATM services everywhere, so you have to go cashless. I still can't for the life of me understand why they don't all get in bed with other and open MULTI branches in the rural towns of Aus, one branch to service them all kind of thing. Remember, even in this day and age there are many people who cannot use digital applications to access their money due to many different reasons.’

This point made by member @NotNats is extremely true, why can’t we see more multi-branches? It could be a great solution for the banks, and most certainly for our members.


View attachment 28427
Withdrawing cash from an ATM is becoming an extremely costly and challenging task. Image source: Shutterstock.


Member @Ishka28 explained, ‘The figures the banks give on digital users and in-bank users are extremely misleading. Of course, the percent of digital users has increased as the banks have closed branches forcing people to use the internet and bank cards. And as for smart ATMs, they are as difficult to find as a bank. Most of the smart ATMs are actually inside the bank. It is very difficult for someone who doesn't drive anymore to do any banking outside of the internet. And sometimes, there is a need to actually talk to someone at a bank. Then there is the issue of card blockage. The other day I was actually in a bank. The three people in front of me in line were there to get their cards unblocked. This is simply ridiculous. Cards seem to easily get blocked and not so easily get unblocked.’

We couldn’t agree more with member @Ishka28. A few members of the SDC team have had to line up for hours to get their cards unblocked as well.


Respected senior citizens, whilst they too are using less cash, are still its primary users. Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user'.

On top of the experience of our members, there is no doubt that cash transactions, as Wells points out, act as a valuable learning experience for children to understand the worth of money and also improve their social skills.

'Giving a child $20 and taking them to a shopping centre, or the movies helps them to learn to budget and helps them to make decisions by thinking more carefully,' Wells advised.

Not to mention, online payments have given rise to a prosperous industry of intermediaries called payment service providers. These payment middlemen make their money by charging small fees on each transaction, a fee that wouldn't exist in a simple cash transaction.

Amid rounds of criticism faced by the cyber world, the Reserve Bank of Australia noted that 'privacy and security concerns with electronic payment methods continued to be the main reason for needing cash,' and we'd be in agreement with them on this one.


Although Wells does believe the shift towards a cashless society is inevitable, she doesn't advocate for such a drastic change to occur at warp speed, calling for a more considerate approach. 'I think we need to stop thinking about ourselves so much and our own convenience and start thinking a bit more about others,' she said wisely.

Key Takeaways

  • Finance expert Sarah Wells predicts Australia could become a cashless society within three years, with particular impact expected for regional areas, emergencies, indigenous Australians, immigrants, the elderly and children.
  • Young people will be particularly affected as they will lose valuable social interactions and financial learning opportunities with the increase of only digital transactions.
  • Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user', so a cashless society will significantly impact them.
  • While Wells believes the transition to a cashless society is inevitable, she highlights that hundreds of thousands of Australians will be negatively affected and recommends that the change should be gradual rather than rushed.


So, dear members, while we may be heading towards a cashless society in just a few short years, let's stand by our coins and notes and use them when it still makes sense to do so. While the world may be changing around us, a simple coin or banknote can still hold a lot more value than we might think. What do you think of this article, members? What are your thoughts and opinions on moving to a cashless society? Share your thoughts with us in the comment section below.
The damn millennials want it. But there's still a lot of us who don't so the government should consider that instead of caving to the damned spoilt brat millennials and keep cash - not everyone has constant wifi away form home to keep track of what they tap out on their cards and it does mount up quite quickly when you don't have the luxury of keeping track of it, especially for a pensioner. Plus it's just another way Big Brother can keep track of what everyone buys. Cash can't be tracked as easy as digital.
 
As we continue to venture deeper into the digital age, it seems like we're moving further away from the physical, and one area where this is notably occurring is in how we handle our good old-fashioned money. The times of counting our notes and loose change may soon be gone entirely, replaced with a swish of a card or the simple click of a button. Yes, it seems that the days of the shiny dollop and the humble five-cent piece could be numbered.


View attachment 28426
Are our days using cash numbered? Image source: Shutterstock.




Celebrated finance expert Sarah Wells has forecasted a concerning prospect - Australia could be on the express route to becoming a full-blown cashless society in as short a time as three years.

According to Wells, such a societal shift isn't purely a sign of technological progress but could, quite tragically, bring about notable hardship, particularly for certain demographic groups. We know that a cashless society won't be all sunshine and roses for everyone.

But who exactly stands to suffer in the crossfire of this economic overhaul, you ask? Well, let's take a look.

Regional Australians are potentially in the firing line, and proof of this already exists in the closure of more than 1,600 bank branches between June 2017 and July 2022, hitting regional communities the hardest. In addition, in the event of emergencies, cash is often the safest and most reliable fallback.


Remember the 2022 floods in Lismore? With electronic payment systems down, it was the tried and true cash that saved the day as five credit unions flew in a helicopter laden withphysical currency to aid locals.

Vulnerable sections of society, such as the elderly, young children, indigenous Australians and even new immigrants, may find themselves at a disadvantage. We published an article on August 1 that explained Australia’s big banks ‘are still committed to cash’ and swear ‘they are not going cashless’. We had 30 comments from our members on that article, who all explained they have had completely different experiences.

Member @bluetang explained, ‘When you need change e.g. coins what teller machine gives you those? What use a credit card for a $2.50 roll? Even Govt. dept. charge a fee for using a card. Up go the prices because banks charge for card use.’


Another member, @NotNats shared, ‘I said it before, and I will say it again the BIG FOUR don't care about their old customers. They are closing branches & ATM services everywhere, so you have to go cashless. I still can't for the life of me understand why they don't all get in bed with other and open MULTI branches in the rural towns of Aus, one branch to service them all kind of thing. Remember, even in this day and age there are many people who cannot use digital applications to access their money due to many different reasons.’

This point made by member @NotNats is extremely true, why can’t we see more multi-branches? It could be a great solution for the banks, and most certainly for our members.


View attachment 28427
Withdrawing cash from an ATM is becoming an extremely costly and challenging task. Image source: Shutterstock.


Member @Ishka28 explained, ‘The figures the banks give on digital users and in-bank users are extremely misleading. Of course, the percent of digital users has increased as the banks have closed branches forcing people to use the internet and bank cards. And as for smart ATMs, they are as difficult to find as a bank. Most of the smart ATMs are actually inside the bank. It is very difficult for someone who doesn't drive anymore to do any banking outside of the internet. And sometimes, there is a need to actually talk to someone at a bank. Then there is the issue of card blockage. The other day I was actually in a bank. The three people in front of me in line were there to get their cards unblocked. This is simply ridiculous. Cards seem to easily get blocked and not so easily get unblocked.’

We couldn’t agree more with member @Ishka28. A few members of the SDC team have had to line up for hours to get their cards unblocked as well.


Respected senior citizens, whilst they too are using less cash, are still its primary users. Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user'.

On top of the experience of our members, there is no doubt that cash transactions, as Wells points out, act as a valuable learning experience for children to understand the worth of money and also improve their social skills.

'Giving a child $20 and taking them to a shopping centre, or the movies helps them to learn to budget and helps them to make decisions by thinking more carefully,' Wells advised.

Not to mention, online payments have given rise to a prosperous industry of intermediaries called payment service providers. These payment middlemen make their money by charging small fees on each transaction, a fee that wouldn't exist in a simple cash transaction.

Amid rounds of criticism faced by the cyber world, the Reserve Bank of Australia noted that 'privacy and security concerns with electronic payment methods continued to be the main reason for needing cash,' and we'd be in agreement with them on this one.


Although Wells does believe the shift towards a cashless society is inevitable, she doesn't advocate for such a drastic change to occur at warp speed, calling for a more considerate approach. 'I think we need to stop thinking about ourselves so much and our own convenience and start thinking a bit more about others,' she said wisely.

Key Takeaways

  • Finance expert Sarah Wells predicts Australia could become a cashless society within three years, with particular impact expected for regional areas, emergencies, indigenous Australians, immigrants, the elderly and children.
  • Young people will be particularly affected as they will lose valuable social interactions and financial learning opportunities with the increase of only digital transactions.
  • Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user', so a cashless society will significantly impact them.
  • While Wells believes the transition to a cashless society is inevitable, she highlights that hundreds of thousands of Australians will be negatively affected and recommends that the change should be gradual rather than rushed.


So, dear members, while we may be heading towards a cashless society in just a few short years, let's stand by our coins and notes and use them when it still makes sense to do so. While the world may be changing around us, a simple coin or banknote can still hold a lot more value than we might think. What do you think of this article, members? What are your thoughts and opinions on moving to a cashless society? Share your thoughts with us in the comment section below.
a finance expert i have never heard of. you can get cash from woolies and the like.
 
We, the public of Australia, need to remember, WE are the ones with the power. If we want to continue to use cash, it's up to US to use it as frequently as possible. The same with all the other changes that are being forced down our throats. If you want people on the registers, refuse to use the self check outs, If you don't want your phones full of apps, don't download them, even if you forfeit, so called, bonuses. If we continue to be lazy, then computers will definitely overtake our lives.
 
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CASH YOU CAN SPREAD IT AROUND IN A MULTIPLE OF HIDING PLACES. cARD WELL YOU LOOSE IT OR atm SWOLLOWS IT.BOY YOUR IN TROUBLE THEN.
 
No cash means EVERY financial transaction you make is trackable by banks, governments, not to mention nefarious scammers.

OF COURSE, governments want a cashless society. They can then control EVERY INDIVIDUAL, EVERY MARKET, EVERYWHERE. The right to be able to spend our earnings in any legal way we wish - a vital freedom - will be curtailed and policed.

And this is only one of the serious downsides of going cashless.
No cash means 100% reliance on computer networks. A 'flick of a switch', a natural disaster, deliberate saboutage, and we are all EFFED.

WHY, WHY, WHY are we basically sitting on our hands and allowing greedy banks and senseless governments to be complicit in this action which is contrary to the needs and wishes of the vast majority of citizens???
 
Hope we don’t go cashless as someone previously stated “ more cyber attacks” I don’t use internet banking and I won’t, suggest everyone go to their local member and tell them to go to Canberra and voice the concerns of the people. Don’t forget WE are the ones that’s put them in power and they should be told that!
 
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Gone will be the days when Charity Groups have a collector with a tin collecting for those groups.

There is much satisfaction in standing silently as people walk past you on their way to do business or pleasure. Sometimes a person will stop who wishes to chat while others will just drop a donation in the tin & continue on. Occasionally a parent will give a child a coin to drop in the tin.
I did this for many years for The Salvation Army in Perth, W.A. on days off & Annual Holidays. Children were such a joy when l had stickers of characters for them to choose from.
Charities will need to rely on donations via the computer or phone. No longer by cheque or cash. A cashless society is not what l prefer.
 
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Nope.

You can purchase a small electronic tap and go device at Officeworks which allows you to accept card payments.
This needs to be registered with a company, a separate Bank account is needed for those transactions to be paid into for starters. Those transactions do not come without a charge to yourself, the owner of this device, which of course could be added to the transaction.
I made inquires for our Social Club which decided for a small amount of transactions this wasn't viable. Not sure how many transactions are needed to be viable. Guess this is a personal thing.
 
As we continue to venture deeper into the digital age, it seems like we're moving further away from the physical, and one area where this is notably occurring is in how we handle our good old-fashioned money. The times of counting our notes and loose change may soon be gone entirely, replaced with a swish of a card or the simple click of a button. Yes, it seems that the days of the shiny dollop and the humble five-cent piece could be numbered.


View attachment 28426
Are our days using cash numbered? Image source: Shutterstock.




Celebrated finance expert Sarah Wells has forecasted a concerning prospect - Australia could be on the express route to becoming a full-blown cashless society in as short a time as three years.

According to Wells, such a societal shift isn't purely a sign of technological progress but could, quite tragically, bring about notable hardship, particularly for certain demographic groups. We know that a cashless society won't be all sunshine and roses for everyone.

But who exactly stands to suffer in the crossfire of this economic overhaul, you ask? Well, let's take a look.

Regional Australians are potentially in the firing line, and proof of this already exists in the closure of more than 1,600 bank branches between June 2017 and July 2022, hitting regional communities the hardest. In addition, in the event of emergencies, cash is often the safest and most reliable fallback.


Remember the 2022 floods in Lismore? With electronic payment systems down, it was the tried and true cash that saved the day as five credit unions flew in a helicopter laden withphysical currency to aid locals.

Vulnerable sections of society, such as the elderly, young children, indigenous Australians and even new immigrants, may find themselves at a disadvantage. We published an article on August 1 that explained Australia’s big banks ‘are still committed to cash’ and swear ‘they are not going cashless’. We had 30 comments from our members on that article, who all explained they have had completely different experiences.

Member @bluetang explained, ‘When you need change e.g. coins what teller machine gives you those? What use a credit card for a $2.50 roll? Even Govt. dept. charge a fee for using a card. Up go the prices because banks charge for card use.’


Another member, @NotNats shared, ‘I said it before, and I will say it again the BIG FOUR don't care about their old customers. They are closing branches & ATM services everywhere, so you have to go cashless. I still can't for the life of me understand why they don't all get in bed with other and open MULTI branches in the rural towns of Aus, one branch to service them all kind of thing. Remember, even in this day and age there are many people who cannot use digital applications to access their money due to many different reasons.’

This point made by member @NotNats is extremely true, why can’t we see more multi-branches? It could be a great solution for the banks, and most certainly for our members.


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Withdrawing cash from an ATM is becoming an extremely costly and challenging task. Image source: Shutterstock.


Member @Ishka28 explained, ‘The figures the banks give on digital users and in-bank users are extremely misleading. Of course, the percent of digital users has increased as the banks have closed branches forcing people to use the internet and bank cards. And as for smart ATMs, they are as difficult to find as a bank. Most of the smart ATMs are actually inside the bank. It is very difficult for someone who doesn't drive anymore to do any banking outside of the internet. And sometimes, there is a need to actually talk to someone at a bank. Then there is the issue of card blockage. The other day I was actually in a bank. The three people in front of me in line were there to get their cards unblocked. This is simply ridiculous. Cards seem to easily get blocked and not so easily get unblocked.’

We couldn’t agree more with member @Ishka28. A few members of the SDC team have had to line up for hours to get their cards unblocked as well.


Respected senior citizens, whilst they too are using less cash, are still its primary users. Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user'.

On top of the experience of our members, there is no doubt that cash transactions, as Wells points out, act as a valuable learning experience for children to understand the worth of money and also improve their social skills.

'Giving a child $20 and taking them to a shopping centre, or the movies helps them to learn to budget and helps them to make decisions by thinking more carefully,' Wells advised.

Not to mention, online payments have given rise to a prosperous industry of intermediaries called payment service providers. These payment middlemen make their money by charging small fees on each transaction, a fee that wouldn't exist in a simple cash transaction.

Amid rounds of criticism faced by the cyber world, the Reserve Bank of Australia noted that 'privacy and security concerns with electronic payment methods continued to be the main reason for needing cash,' and we'd be in agreement with them on this one.


Although Wells does believe the shift towards a cashless society is inevitable, she doesn't advocate for such a drastic change to occur at warp speed, calling for a more considerate approach. 'I think we need to stop thinking about ourselves so much and our own convenience and start thinking a bit more about others,' she said wisely.

Key Takeaways

  • Finance expert Sarah Wells predicts Australia could become a cashless society within three years, with particular impact expected for regional areas, emergencies, indigenous Australians, immigrants, the elderly and children.
  • Young people will be particularly affected as they will lose valuable social interactions and financial learning opportunities with the increase of only digital transactions.
  • Wells explained almost one in five Aussies over the age of 65 is classified as a 'high cash user', so a cashless society will significantly impact them.
  • While Wells believes the transition to a cashless society is inevitable, she highlights that hundreds of thousands of Australians will be negatively affected and recommends that the change should be gradual rather than rushed.


So, dear members, while we may be heading towards a cashless society in just a few short years, let's stand by our coins and notes and use them when it still makes sense to do so. While the world may be changing around us, a simple coin or banknote can still hold a lot more value than we might think. What do you think of this article, members? What are your thoughts and opinions on moving to a cashless society? Share your thoughts with us in the comment section below.
why in CARINS you have to use cash on buses as GOCARD no longer used
 

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