New research shows 71 per cent of Australians are concerned about going completely cashless – especially Baby Boomers, regional and lower-income Australians.
"Research by payments technology company Waave found 41 per cent of Australians are "extremely concerned" about going cashless. Two-thirds say it will exclude people and exacerbate economic inequality, 58 per cent worry about paying more fees, and 42 per cent say they will miss the chance to handle money." reported The Australian today (22 March 2024).
Waave is an app that helps people manage their money online - so this research is not from a cash-related business.
Waave CEO Ben Zyl said people tended to spend less when paying in cash.
"People fear losing the sense of control and visibility over what they actually have," said Mr Zyl.
"It would be a sad moment when a child needs to leave their BSB and account details under their pillow for the tooth fairy," said Ben Zyl.
Waave's research found the people most concerned about disappearing cash were Baby Boomers (82 per cent), regional Australians (77 per cent) and households with incomes below $100,000 (75 per cent),
The RBA says Australians made 30.2 million ATM withdrawals in January – the highest number in 12 months, and more than $9 billion was taken out, the largest amount since mid-2020, reported The Australian.
The cash comeback was "quite a spike", said RateCity research director Sally Tindall.
"The statistics show how popular cash is among many Australians ... we are still taking $9bn out of cash ATMs a month," she said.
Parents still use cash to teach children money basics said Sally Tindall.
"When technology fails, and we have seen that time and time again, cash is a fantastic and very reliable backup," she said.
Our petition and campaign are making a big difference and clearly Aussies don't want a cashless Australia, despite what the banks think.
Other countries are protecting cash and it's time for Australia to do the same. Please ask your friends to sign our petition. This is the easy link:
https://www.change.org/BankingAndCashGuarantee
Check out our Cash Welcome online shop and spend some $$ supporting our campaign.
I'm posting POS stickers to any retailers and merchants asking for Cash Welcome signage. They are 60mm x 80mm (larger available) and popular. Hopefully we can take this battle for hearts and minds to as many retail points of sale as possible.
Get in touch if you would like some Cash Welcome stickers for your shop: jason@cashwelcome.org
Cash Welcome is just me - Jason Bryce - and my friend Bart who helps with the website.
I started my petition because my local bank branch closed, my local supermarket went cashless and the government seemed to be limiting our right top use cash.
There are plenty of costs involved in this campaign so we rely on donations, from the public and from businesses that trust and rely on cash.
Please consider making a small credit/debit card contribution to our:
gofundme account
or our Patreon page.
If nothing else, shout me a coffee! 🙂
Alternatively, head to a Commonwealth Bank or send a deposit to:
Cash Welcome
BSB 062-692
AC 4954 6502
Please visit our
Cash Welcome website
Cash Welcome Facebook page
Cash Welcome Instagram
Cash Welcome TikTok
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