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Why the ‘Cashless Effect’ Makes it Hard to Budget

The ‘cashless effect’ describes people’s tendency to buy more products and pay more for them when not handing over physical currency. SciTechDaily has explored the decades-old science behind our understanding of it, and the detrimental effect it can have on stretched budgets.

How the ‘Cashless Effect’ Makes it Hard to Budget

Millions Would Struggle in a Cashless Society

Ten million Brits would find it hard to manage their finances and a further 15 million would be seriously inconvenienced were cash to no longer be usable, according to a Royal Society of Arts (RSA) study.

Further events TBC

We look forward to announcing further events in due course

<p>In Finland, cash is used for 10% of POS payments</p>

This statistic is from the 2022 Global Payments Report, which explores how businesses and economies are learning to navigate the pandemic, with the evolution of payment options being a key element of rebuilding.

In Finland, cash is used for 10% of POS payments (FIS, 2022)

A Cashless World Would Be an Economic Disaster

While cashless payments are often presented as ‘new money’—primarily by cashless service providers—the idea that cash is outdated ‘is both misleading and dangerous’. A recent Business Insider article explores the strengths of cash, how it supports many facets of modern life, and the pitfalls of eradicating it.

Exploring Digital Payments in Europe

In light of its ongoing research into a Central Bank Digital Currency (CBDC), the European Central Bank has undertaken a study of digital payment methods, seeking to understand present payment habits and inform a potential digital euro. Participants in the study were concerned such a development might undermine cash, which is a popular means of payment in Europe.

<p>In Canada, cash is used for 6% of POS payments</p>

In Canada, cash is used for 6% of POS payments (FIS, 2022)

White Paper "Virtually Irreplaceable: Cash as Public Infrastructure"

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White Paper "Virtually Irreplaceable: Cash as Public Infrastructure"

How the ‘Cashless Effect’ Makes it Hard to Budget

A Cashless World Would Be an Economic Disaster

UK Treasury Makes Cash Commitments

Miami-Dade Passes Pro-Cash Legislation

How the ‘Cashless Effect’ Makes it Hard to Budget

Millions Would Struggle in a Cashless Society

We look forward to announcing further events in due course

10%

A Cashless World Would Be an Economic Disaster

Exploring Digital Payments in Europe

We look forward to announcing further events in due course

6%

10%

6%

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