Generational-wide concern with move to cashless society

Most Australians are concerned with a move to a cashless society, new research has found.

Despite bank branches closing, cheques being phased out and the use of cash declining significantly, two in five Australians have admitted they are “extremely concerned” about society going cashless.

Baby boomers, regional Australians and lower-income earners are most apprehensive, according to research by payment technology company Waave.

The research uncovered a generational-wide concern, with 54 per cent of baby boomers admitting they are extremely concerned, while 46 per cent of Gen Zs are not concerned.

Close to half of baby boomers revealed they would miss the opportunity to handle cash, in contrast to 37 per cent of millennials.

“Australians are among the highest adopters of digital payments in the world, but they are rightly worried about who is really protecting their interest,” Waave chief executive Ben Zyl said.

“The current digital payments system has not been built with consumer security or control in mind – people are getting their details stolen, fumbling around with passwords, and paying ridiculous card fees and surcharges. There’s a lot of fear, particularly among those who can’t access alternatives or aren’t confident using technology.”

According to a report by the Australian Banking Association, at the end of 2022, cash only accounted for 13 per cent of consumer payments in Australia.

In 2007, that figure was 70 per cent.

According to the fresh data released today, 34 per cent of Australians feel less in control over their spending when making online payments.

Zyls said the findings showed the psychology behind cash was unique.

“We like the feel of it, the sense of control, and we tend to spend less when we pay in cash,” he said.

The research took place in February 2024 and was conducted by YouGov.

  • All
  • Australia News
  • Business News
  • Entertainment News
  • International News
  • Sports News
  • Sri Lanka News
    •   Back
    • India News
Load More

End of Content.

latest NEWS

  • All
  • Australia News
  • Business News
  • Entertainment News
  • International News
  • Sports News
  • Sri Lanka News
    •   Back
    • India News