The end of cash?

[InArduisFouette]

That's a bit different though. I love using the self scan things in Asda, I can have my bags in my trolley and pack properly as I shop and the queue is always way shorter then for the self service and normal checkouts.

scan as you shop is brilliant for all kinds o people

1. people who want to pack their shopping 'correctly' for a combination of food safety / not getting stuff crushed / i wan to be able to put a bag by each cupboard or storage space the the right things in i.e. ( fridge bag, freezer bag, tins etc bag , bread/ cake /snacks bag , booze + fizzy pop bag )

 

[InArduisFouette]

I'm the same, but it's just that my "visualisation" is a number that I can call up on my banking app at any time. Having that as a single place where I can refer to, and taking cash completely out of the equation, has simplified everything for me. Way back when that number was only available at an ATM, and likely missing pending transactions, it was a disaster, and my undiagnosed ADHD was probably somewhere at the root of some of the dumb decisions I made. You could even take out cash without a receipt and without looking at your balance!

I'm not saying there's a right way and a wrong way, just ultimately that this is about inclusion and inclusion can mean different things.

spot on - the current generation of apps are great for that - call it up if you have a signal , pending transactiosn show within second to minuteso f making them

 

[InArduisFouette]

Where’s the 17% figure from?

Sounds ludicrously wrong to me

depends what the question is though ?

 

[Elpenor]

scan as you shop is brilliant for all kinds o people

1. people who want to pack their shopping 'correctly' for a combination of food safety / not getting stuff crushed / i wan to be able to put a bag by each cupboard or storage space the the right things in i.e. ( fridge bag, freezer bag, tins etc bag , bread/ cake /snacks bag , booze + fizzy pop bag )

Not having to rush on a checkout packing was helpful I found

 

[wemakeyousoundb]

Fees on bank accounts are normally for "premium" accounts.

Of course they still hit the poorer with fees for things for failed direct debits. They were forced to reduce these a few years ago, so of course they just raised the cost of over drafts.

the cost of overedraft went up for for those who had authorised (read: cheap loan) overdrafts, made no difference to the poorere people who ended up in overdrfafts cause they were poor in the first place and had no access to any redit options

 

[Elohim]

Yes, we should be focusing on how people aren't excluded rather then trying to hang on to the past.

Certain people will be excluded from a cashless society.

 

[8ball]

One example is "prepared foods" like a rotisserie chicken. Rotisserie chickens are cheaper than whole chickens so it doesn't make any financial sense. Its just a way to harass poor people.

I blame Dave Chapelle for giving rotisserie chickens an air of glamour and decadence.

 

[Holubice]

Has cash had its day?

Pay by cash? Not for long, report warns Pay by cash? Not for long, report warns

I find the idea of capitalist transactions without the option to use physical cash very depressing. I hate the idea of relying on electronic transactions. I hate the idea of the people being left behind. My Dad won’t be able to run his life without cash.

Have you never ponder that, to eliminate cash is also to eradicate tax evasion, corruption, drugs trading, and many other wrong beaviours?

Can I explain in a new thread why?

 

[UnderOpenSky]

the cost of overedraft went up for for those who had authorised (read: cheap loan) overdrafts, made no difference to the poorere people who ended up in overdrfafts cause they were poor in the first place and had no access to any redit options

Well it's how you define poor. There's a lot of people who struggle a lot even in work who used over drafts month to month who saw the rates raise to up to 39%.

Often the same people who got hit by the fees. Overdrafts maxed before the months end. I know as I've been there.

I've never had a friendly local shop offer me credit either.

 

[Holubice]

Ah, where is the thread I can introduce myself...?


;-)

 

[wemakeyousoundb]

Well it's how you define poor. There's a lot of people who struggle a lot even in work who used over drafts month to month who saw the rates raise to up to 39%.

Often the same people who got hit by the fees. Overdrafts maxed before the months end. I know as I've been there.

I've never had a friendly local shop offer me credit either.

not argueing that those who need to use their overdraft are well off, was just pointing out that those without that facility were already paying this much before the change if they accidentally went into one and they were usually the people whose only option would have been the payday lenders legalised loan sharks as a source of finance with interests in the 10s to 100s times higher.

 

[teuchter]

What I find a bit strange about the fretting about a move away from cash transactions making it possible for the bank/government/new world order to cut you off, is that for most people the cash in their pocket is just a small and transient slice of the money they own.

Unless you are paid in cash, then your pay is just numbers on a screen or payslip, as is your bank balance. To turn any of it into coins and notes you have to go and put a card with a chip on it into a machine and type in some numbers. There's no room in the bank with gold bars that you have a key to.

I already find it a little unsettling that all the money I own, that I need to exist in daily life, and any savings that I will rely on still having in later life, is just some numbers on my computer screen, that I hope and trust will still be there next time I log in.

Worrying about the small proportion of this that can temporarily turn into cash seems trivial.

(Of course, this is not just a digital phenomenon - in days gone by those numbers would be handwritten on bits of paper, and it was still a matter of faith that they'd be honoured.)

 

[brogdale]

What I find a bit strange about the fretting about a move away from cash transactions making it possible for the bank/government/new world order to cut you off, is that for most people the cash in their pocket is just a small and transient slice of the money they own.

Unless you are paid in cash, then your pay is just numbers on a screen or payslip, as is your bank balance. To turn any of it into coins and notes you have to go and put a card with a chip on it into a machine and type in some numbers. There's no room in the bank with gold bars that you have a key to.

I already find it a little unsettling that all the money I own, that I need to exist in daily life, and any savings that I will rely on still having in later life, is just some numbers on my computer screen, that I hope and trust will still be there next time I log in.

Worrying about the small proportion of this that can temporarily turn into cash seems trivial.

(Of course, this is not just a digital phenomenon - in days gone by those numbers would be handwritten on bits of paper, and it was still a matter of faith that they'd be honoured.)

Yeah, but introducing the conceptual basis for the notion of money into the discussion and declaring that it is strange to "fret" about those excluded from non-cash transactions, does not really move the discussion forward; just another of the I'm alright Jack contributions on here.

 

[kabbes]

Yeah, but introducing the conceptual basis for the notion of money into the discussion and declaring that it is strange to "fret" about those excluded from non-cash transactions, does not really move the discussion forward; just another of the I'm alright Jack contributions on here.

Don’t think he was referring to those (already) excluded from non-cash transactions:

What I find a bit strange about the fretting about a move away from cash transactions making it possible for the bank/government/new world order to cut you off…

 

[hash tag]

scan as you shop is brilliant for all kinds o people

1. people who want to pack their shopping 'correctly' for a combination of food safety / not getting stuff crushed / i wan to be able to put a bag by each cupboard or storage space the the right things in i.e. ( fridge bag, freezer bag, tins etc bag , bread/ cake /snacks bag , booze + fizzy pop bag )

We do this anyway, but at the checkout. We load the conveyor built in the way we want to pack stuff and then take it off and load bags as required, chilled together, frozen together
fresh together etc. It is not difficult.

 

[hash tag]

depends what the question is though ?

Depends on the number of people asked. 17% of 100 people tells you little.
17% of a million people is a tad more meangingful.

 

[liquidindian]

I'm alright Jack contributions on here.

Are these on another thread or something?

 

[Humberto]

Are these on another thread or something?

Is it pedantic to point out that a great many people don't have 'savings that I will rely on in later life'.?

 

[liquidindian]

Is it pedantic to point out that a great many people don't have 'savings that I will rely on in later life'.?

Not sure it's pedantic, just irrelevant to the topic.

 

[Humberto]

Not sure it's pedantic, just irrelevant to the topic.

Not necessarily

 

[liquidindian]

Pointing out that cashless payments are not the same as the government installing telescreens in your home, or that digital/financial exclusion is not going to be solved by a payment system that seems to be fast going out of fashion, is not the same as saying everything that happens under capitalism is hunky-dory, and I'd quite like people to stop getting these confused. Ta.

 

[Humberto]

Pointing out that cashless payments are not the same as the government installing telescreens in your home, or that digital/financial exclusion is not going to be solved by a payment system that seems to be fast going out of fashion, is not the same as saying everything that happens under capitalism is hunky-dory, and I'd quite like people to stop getting these confused. Ta.

It's gone out of fashion to an extent.

 

[Humberto]

Some, I hope, relevant figures here:

Knocked down during lockdown: the return of cash

Quarterly Bulletin 2022 Q3

www.bankofengland.co.uk

Cash remains an important payment method in the UK, and a critical means of payment for many people. This is borne out by research on consumer attitudes to cash. Our survey in July 2022 found that around one in five respondents consider cash to be their preferred payment method, and so use it day to day. This figure has not varied significantly over the course of the pandemic – or compared to pre-pandemic – suggesting that a significant proportion of those reliant on cash did not make the switch to contactless or digital payment methods.

Cash remains a valued form of money for the elderly and those on lower incomes, with many using it to budget and manage their household finances. In July 2022, cash as first preference payment method was most popular among those aged 65+ at 27%, up from 20% in July 2021 (but still below pre-pandemic figures of 38% in January 2020).footnote [8] It continues to be most prevalent among those in lower socio-economic groups C2, D and E (28% in July 2022). It is important to recognise, however, that preference for cash depends on a range of factors – not just age or social grade. These include education, wealth and health. For example, a 2020 survey by the Financial Conduct Authority Opens in a new window found that 46% of the digitally excluded, 31% of those with no educational qualifications, and 26% of those in poor health rely on cash to a ‘great or very great extent’. Furthermore, some people with physical and cognitive disabilities Opens in a new window find other payment methods difficult to use (due to not being able to remember a PIN for example).

Even those who do not use cash on a day-to-day basis find it a valuable form of money. Our survey found that just 35% of respondents in July 2022 thought they could go more than a month without cash (Chart 6). This is a decrease from January 2021 where the figure was higher at 48%, and a return to pre-pandemic figures.

 

[teuchter]

Are these on another thread or something?

It's absolutely classic urban75 behaviour.

 

[Humberto]

It's absolutely classic urban75 behaviour.

How so?

 

[teuchter]

How so?

Not reading what's actually been written, and instead producing a kneejerk reaction based on a kind of worst case assumption about someone's motivations or outlook.

 

[Humberto]

Not reading what's actually been written, and instead producing a kneejerk reaction based on a kind of worst case assumption about someone's motivations or outlook.

ok

 

[teuchter]

Is it pedantic to point out that a great many people don't have 'savings that I will rely on in later life'.?

The same principle applies whether people have some savings, some kind of private pension, or will rely have to rely entirely on the state pension. In each case there is no room anywhere, with a small pile of gold bars being added to, with their name on it that they have access to. In each case, people have to rely that some numbers in a database or ledger will still translate into some kind of thing that they can actually use to pay for stuff when they need it to.

And this to me seems a much bigger worry, than a worry that the "money" will still be there, but that you might have to have a plastic card or app, to actually use it, rather than being able to withdraw some bits of paper at an ATM.

 

[Humberto]

The same principle applies whether people have some savings, some kind of private pension, or will rely have to rely entirely on the state pension. In each case there is no room anywhere, with a small pile of gold bars being added to, with their name on it that they have access to. In each case, people have to rely that some numbers in a database or ledger will still translate into some kind of thing that they can actually use to pay for stuff when they need it to.

And this to me seems a much bigger worry, than a worry that the "money" will still be there, but that you might have to have a plastic card or app, to actually use it, rather than being able to withdraw some bits of paper at an ATM.

Yes you've said that.

 

[strung out]

Just wondering who on this thread is the likeliest person to be keeping their entire life savings under their mattress in cash.