Too many British rely on cash to turn into Cashless Society

In its new Behind the Headlines report ‘Short-changed: How the decline of cash is affecting older people,’ Age UK warns that being cut off from cash and banking services is tantamount to being excluded from society, and is a risk for many more of us than is often assumed.

Even before the pandemic many older people still relied heavily on cash, with some being completely dependent on it. Findings from the Financial Lives 2020 Survey found that around 2.4 million people aged 65 and over in the UK relied on cash to a great extent in their day-to-day life – representing around one in five (21 per cent) of all older people. They used it for almost all their payments, so retaining access is clearly fundamental to their daily lives.

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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.

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