ver the last decade, the number of individuals living in New York City homeless shelters surged as high as 50% at times. The COVID-19 pandemic has had a disproportionate impact on the nation’s homeless population, which is also hit harder by climate change-driven events than any other segment of the population. In cities where rent prices have skyrocketed in recent years, the homeless population will sadly continue to grow while the effects of climate change worsen. Meanwhile, Americans now carry less cash in their pockets, preventing the homeless from receiving adequate funds through cash transfers. Compounded by climate change, COVID-19, and soaring rent, the increasingly cashless American economy has left homeless individuals virtually unsupported. In response, the businesses profiting from these cashless transactions must do more to support the homeless individuals they harm.
A 2017 survey conducted by US Bank revealed that one in two Americans hold zero cash on them half of the time they leave their homes. Instead, U.S. consumers carry debit, credit, and gift cards and use digital money wiring apps such as Venmo and Zelle. A 2019 Nilson report found that 82.2% of American adults have a debit card, and 71.67% of American adults have a credit card.
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A 2017 survey conducted by US Bank revealed that one in two Americans hold zero cash on them half of the time they leave their homes. Instead, U.S. consumers carry debit, credit, and gift cards and use digital money wiring apps such as Venmo and Zelle. A 2019 Nilson report found that 82.2% of American adults have a debit card, and 71.67% of American adults have a credit card.
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Why Cashless Economy means social exclusion
