Concerns are growing for senior citizens with more and more banks going ‘cashless’ as over-the-counter transactions are no longer available at some Commonwealth Bank branches with cash only available through ATMs.
As the world continues its shift towards digital transactions, concerns are growing for the elderly and vulnerable populations who may be left behind in a cashless society. Banks increasingly favor online and contactless payments, but this trend is causing significant distress among seniors, many of whom are not confident with digital payment methods or online banking services.
The rise of digital and mobile payments is fast approaching, and the financial inclusion of the elderly is at risk. More than half of all bank branches no longer handle cash, creating a barrier for those who rely on physical currency for their day-to-day transactions. Seven out of ten consumers say they can manage without cash, but this leaves a significant portion of the population at a disadvantage.
While going cashless offers advantages such as greater traceability and security, it also poses challenges. Notably, the transition disproportionately harms populations most likely to be unbanked or underbanked, predominantly low-income, houseless individuals, and the elderly. For these groups, the move towards a cashless society can be dangerously disruptive.
Retailers and banks have been advocating for contactless payments and online services for hygiene reasons, particularly in the wake of the COVID-19 pandemic. However, this push neglects many older and vulnerable individuals who are either unable or uncomfortable using these technologies.
Key challenges of a cashless society include security and privacy concerns with new technology, resilience and system vulnerabilities, and tracking spending. For unwilling or unable consumers, these challenges can be overwhelming and exclusionary.
Experts argue that while a cashless society may be beneficial for banks, it may not be the best for everyone. Demographics play a significant role, and cash will likely remain a vital part of our economy for the foreseeable future.
As we move forward in this digital age, it’s crucial to consider the impact on all members of society. While advancements in technology offer numerous benefits, they should not come at the expense of excluding those who are less able to adapt.
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