Cashless makes you spend more

Many countries have already started to shun physical money – and the UK and USA are already lagging behind. Are we wise to keep our cash? Or are we simply stuck in the past?

I have a memory as a boy, saving my pocket money by placing it in a special drawer, the golden pound coins collecting into a neat stack. (Although the stack never got too high to endanger its structural integrity.) I grew up in Hastings, a small coastal town in East Sussex, famous for 1066 and seaside charm. It has a reputation for being somewhat rundown and is forever “up-and-coming”. 

I got my first debit card when I was 14. Later, I saved up money for a gap year, by working at a bingo hall, and I put the money into a savings account. I avoided credit cards. Back then (2007) it was still around 5% interest rates, and I remember getting £70 ($91) one year, which made me feel very rich indeed.

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Why cash is needed - 07/19/2020

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view