Cashless society : parents are allowably worried

Australian parents are raising concerns about the impacts of cashless society on their children, saying the absence of cash will leave them financially worse off.

A survey by MyState Bank found 67% of Aussie parents believe a transition to a digital financial system, or a cashless society, will have this effect.

A cashless society is a society where cash is not generally used or accepted as a means of payment, according to MyState.

There are signs of this transitioning happening already – ATM withdrawals and cheque payment numbers are falling, couch banking is replacing branch banking, and a recent study by market analyst East & Partners predicted Australia will see cash payments fall below 2% of all payments by 2022.

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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

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