According to research by UK Finance, only 8% of financial transactions are made by way of cash. My initial reaction is one of surprise that it’s that high but if you were to include ‘cash-in-hand’ payments for certain services and drug dealing, it’s probably slightly higher than that. I was an early convert to the so-called ‘cashless society’ and have long reached the stage where I hardly pay for anything by way of cash, apart from my local barber, who like many small business people, gets ripped off by the banks. I’ve now reached the stage where I find myself embarrassed when withdrawing money from an ATM and the act of actually paying for something with actual money.
People still do use cash. It’s mainly older people and people who find it easier to manage their finances by making cash withdrawals, rather than using the contactless method. And, of course, there’s the usual conspiracy theorists who believe that the move to being cash-free is somehow the work of the non-existent ‘deep state’. These will often be the same people who believe in Chem Trails, are anti-vaxxers and believe the world is flat. For these people, the truth alone will never be enough.
In my last job, with a dysfunctional charity that essentially offered a befriending service to the brain-injured, I would sometimes take service users shopping. Invariably before starting the shop, they would use the ATM in order to withdraw cash to pay for it. “Why don’t you just use the card to pay for the shopping?” I would ask. They would answer that they found it easier to keep track of their spending, which was fair enough.
I recently found myself at our local supermarket buying some Euros for an overseas holiday. The proprietor of our accommodation collects a tourist tax from visitors but prefers to deal in cash. I’m sure he does! I can’t think why that is, but soon I was on my way home with an envelope containing actual notes. It felt like something out of the Ark. We now have a reserve cash fund which we will inevitably struggle to spend, given that the slow death of cash is a worldwide phenomenon. The sooner is dies the better as far as I am concerned.
You can actually be a member of some of these Cash Is King organisations, if you so desire. Thousands do because they hate paying for anything other than by cash. The only drawback is that you can only sign-up to them … er … on-line. I suppose principles only go so far and that sometimes it is easier to pay for things on-line rather than carting huge bags of cash around with you. Which just happens to be a big reason why I don’t carry cash aorund.
But even with the number of transactions falling by the year, for you Cash Is King folk, there’s no need to worry. For as long as people want cash, governments, particularly ours, will ensure it remains available. Our local drug-dealers, at least, will be happy with the news.
Personally, I always hated carrying a wallet around, even if usually there was very little in it. All I need these days is my portable telephone which, to make things even easier, contains all my banking details. I can kind of understand why people cling to cash. As someone who prefers routine and doesn’t always like change, it’s a big step, but it’s one I have happily embraced. If I can embrace something so life-changing, I reckon anyone could. No longer having to arse around with cash has made my life better and easier. Cash, for me, isn’t King, but if you have some spare cash lying around that you don’t need, I’ll happily take it off your hands.
