Embracing the Past: The Backlash Against Banks' Vision of a Cash-Free World
Young individuals from Generation Z are turning to physical currency, while I find myself holding onto my own stash of it.
By Gaby Hinsliff, The Guardian
Nestled in my wallet, I've got just five of those old British notes left. Scattered remnants from a former vacation, these crisp bills seem out of place in today's digital-dominated world. But dragging my heels, I hold onto them as a mere five dollars is the last physical currency I carry, with fewer and fewer establishments accepting our once-trusted paper bills.
For years, our local pub had rid itself of every ATM machine, possibly to deter out-of-town patrons (an intriguing, long-winded yarn for another day). I've always kept some loose change stashed in the car for vending machines, but using cold, hard cash has grown quaint and even a bit shady in most places—a growing number of cafes and bars have adopted "no cash" policies to nix the hassle of transporting their take to the bank.
According to a poll conducted by Link, the UK's ATM network, over half of us have encountered a business that either refused cash or actively discouraged it. So, what's the commotion all about? In a world where tap-and-go cards dominate, why’s the fuss?
Illustration: Yusha
The renowned House of Commons Treasury Committee released a report this week, shedding light on a critical issue: it's those most vulnerable who still heavily rely on cash[1]. The elderly fear the tricks of online scammers, the learning-impaired struggle to adapt to apps, and those burdened with tarnished credit ratings cannot snag bank accounts. Then there are women who tuck away their "escape money," a secret stash to navigate domestic abuse, often finding themselves in a predicament when schools decline to accept cash, leaving these women powerless against their partners' financial control[2].
Unfortunately, Spain was quick to learn that in the face of adversity, cash is the backbone of resilience, with its recent catastrophic power outage highlighting the importance of an additional currency option for emergencies[3]. Sweden even paused their plans to embrace a cash-free society, concerned about their resistance to potential attacks and threats[2].
Finally, there's the nagging question that keeps us up at night: what if, God forbid, an unscrupulous government decided to seize all our financial assets for political purposes? After witnessing the rapid descent into dystopia in the US, having a tangible source of income that's impossible for governments to trace seems like an undervalued safety net.
Despite our fondness for modern conveniences, handing our financial lives over to banks seems, at times, suspicious—a union that unites tradition-bound misanthropes wary of change, conspiracy theorists fearing maneuvers by elite cabals, rebels of all stripes, frustrated small business owners, and pro-cash advocates of every ilk. Surprisingly, even tech-savvy Gen Z has jumped on the bandwagon, embracing the viral "cash stuffing" trend that encourages meth-like containment and budgeting techniques[5].
In the digital age, it feels inevitable that our society is headed in this direction. However, parting with our centuries-old habit of holding and counting money feels a lot more difficult than we anticipated. Banks, eager to transition the populace to a digital-only realm, rejoice at the idea of a cashless society. An economy untempered by physical money would make it infinitely cheaper for them to shutter branches, purging jobs in favor of phone support and chatbots. But if the past several decades have taught us anything, unwavering trust in banks isn't exactly a river we should blindly wade into.
So, selfishly rooted in personal comfort andistic distrust of banks, I'll continue hanging on to my dwindling stash of cash—and I have a feeling I won't be alone in this.
Gaby Hinsliff is a Guardian columnist.
[References]1. Value of Cash: Summary of Report by UK Consumer Affairs Select Committee2. Why 'Cashless Society' Is a Misnomer: An In-depth Examination of the Implications of a Cash-Free World3. España pone en marcha la red de cajeros automáticos para evitar que se produzca el caos que supone la falta de efectivo en la famosa "cadena telefónica"4. Cashless Cities: The Hidden Impact of Card Payments5. #CashStuffing – The TikTok That Will Change How You Budget Your Money
In this digital-dominated world, the transition towards a cashless society has raised concerns about individuals who rely on physical currency, such as the elderly, the learning-impaired, and those with tarnished credit ratings.
Amidst growing unease over potential government seizure of financial assets and the need for an emergency currency option, various groups—including Gen Z and tech-savvy millennials—have embraced the "cash stuffing" trend, showcasing a resilient desire to maintain a tangible source of income.
