Say­ing good­bye to cash

NT News - Real Estate - - Realestate Market Place - AN­THONY LEANE

IF YOU have had the same $20 note sit­ting in your purse or wal­let for weeks, you’re not alone.

The dwin­dling rel­e­vance of cash has be­come ob­vi­ous by how lit­tle of it peo­ple carry on them and how in­fre­quently they with­draw money, re­search by Be­yond Bank Aus­tralia shows.

More than half of us now carry less than $50 and more than a quar­ter carry less than $20, while half visit an ATM only once a month or less fre­quently, it found.

Be­yond Bank’s gen­eral man­ager cus­tomer ex­pe­ri­ence, Nick May, said Aus­tralians’ de­pen­dence on cash was quickly dis­ap­pear­ing across all age groups, and 72 per cent used con­tact­less card pay­ments in­stead of cash.

“It wouldn’t have been that long ago, maybe three to five years, when we all vis­ited the ATM reg­u­larly, prob­a­bly weekly, took out a few hun­dred dol­lars and re­lied on that to get by,” he said.

“There is now al­most no in­stance where you can’t com­plete a pur­chase with a card or a phone app – even the hum­ble pri­mary school lunch or­der of­ten is done by some form of elec­tronic pay­ment.

“It wasn’t that long ago that some re­tail­ers ac­cepted cash

Wealth for Life Fi­nan­cial Plan­ning prin­ci­pal Rex Whit­ford said while cash would never com­pletely dis­ap­pear, it was be­com­ing less rel­e­vant and this cre­ated dan­gers around con­trol­ling spend­ing be­cause peo­ple never phys­i­cally handed over money. “You swipe a card. Beep. Fan­tas­tic. No pain felt,’’ he said. “We are in­vent­ing new ways to get rid of our money but not mak­ing new ways to make money.”

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