Whatever some people might say about cash dying out, we all still need it sometimes, whether it’s for the supermarket trolley, or to use the lockers at the pool. But while older generations remember a time when cash was king, and paying on card wasn’t ubiquitous, a younger generation is coming around to physical money and how inclusive it can be.
“The younger generation is learning what we all oldies were doing for decades,” says Simon Phillips, managing director of No1 Currency. “People are putting cash first to enable them to budget better, have more intention and be more mindful with their spending, whether that’s at home or on holiday.”
The ‘cash-only’ trend has been around for a little while now – with some people taking cash out ahead of the weekend, and just relying on that to see them through until Monday – but the rising cost of living is “certainly going to be a factor” in driving its popularity. “Particularly off the back of the [current US-Iran] conflict, we’re seeing people more conscious about the amount of money they have. Fuel costs are rising, the cost of doing anything these days, is so much more,” says Phillips.
There are pros and cons to carrying notes and coins, though…
PRO: You’ll need it if banking systems go down
The European Central Bank is actually encouraging people to keep a certain amount of cash at home. Sometimes there are glitches on banking apps, so having cash as a back-up is reassuring.
Link: https://uk.finance.yahoo.com/news/cash-only-trend-know-140034250.html