I chose to talk about this statement which I agree with. First, I would like to list some examples which prove the fact that cash is still vital and has its part in our society.
Imagine being able to pay just by your credit card. It would mean that you had always access to your entire budget which would easily lead to overspending. Having cash is practical because you can feel and see the value of your purchased object. If there was no cash, many people would go bankrupt.
Another reason which speaks for having cash is that elderly people couldn’t manage their financial transactions. It is quite common that old people struggle with the electronic word. Banning cash would exclude them totally.
Giving up on cash would also hit the tipping culture. As a waitress or receptionist, you are expected to get some extra money from your guests. In the ideal case, tipping improves low salaries in hospitality. Considering how underpaid people in those branches are banning cash would make working there completely impossible.
If we go beyond the surface, it is obvious that paying with card means less privacy. Every time, if you use your debit card, you give about yourself valuable information to your bank. Unfortunately, those pieces of information are often misused for commercial purposes. Another risk to consider is that cybercriminals can easily drain your bank account after paying and forgetting the certification about it. Paying cash is always safer if you don’t trust the payment system of the given country or institution.
All in all, having cash is a necessity because it has lots of advantages which outweigh the disadvantages.
Your writing is amazing! Rather than correct your wording, I’ll just comment like on a normal blog. I live in a city in China, where use of electronic cash is ubiquitous. I don’t think I’ve touched any cash in this last few months. The problems you mention are real, but Chinese apps do a good job of being user-friendly, so older people can learn them with time. In general, I think people’s ability to adapt is almost limitless, so even if you can’t imagine something today, it can still easily become a reality after a few years of transition.
Hi there! Thank you for your feedback, I really appreciate it. I think, thanks to the cutting edge technology in China people are more accustomed to several apps. In my homecountry, older generations still have dumbphones and keep their savings under the pillow. Anyway, I agree with you. Adaptation can make wonders.
For me, I still like having cash in the economy, but it's also because I like physical things you can handle. :)) Plus, having real physical money and paying with that has been shown to activate the same receptors in your brain as when you experience pain, so you're more conscious of your spending. I actually am currently trying this out, where I don't carry my cards with me (they're not on my phone either), and I just have a little bit of cash to make some purchases.
I have to say, I definitely have to put a lot more thought into my day, my schedule, and what I spend money on, because I don't have the option to mindlessly swipe my card.))
Having just cash in your pocket is a great way how to save some money :) I do it also here and there .