Society Would be Poorer Without Cash
Award-winning journalist Iona Bain, a specialist in young finances, has explained why ‘we would all be poorer if cash is abolished’ and urges people to remember ‘real money isn’t prey to cyberattack.’
Writing for British news website inews.co.uk, Bain opens by saying she believes the financial industry has used the pandemic as a convenient way of suppressing cash and pushing people towards new, cashless financial technologies that have more money-making potential for the industry.
She notes the UK Government has discouraged businesses from accepting cash despite the Bank of England proving the risk of contracting COVID-19 from banknotes was low and confirming cash is safe to use.
In all those endless, repetitive press conferences, we could have done with someone stressing there was no scientific reason to stop using cash.
Bain highlights the eight million Brits who depend on cash to meet their daily needs, including people with disabilities, women fleeing domestic abuse, people on low incomes and those with little or no access to banking facilities.
She concludes by pointing out that the resilience of cash is one of its most valuable assets for society at large, with financial institutions citing cybersecurity issues as their leading concern in the near future. Ultimately, she says, the number one concern is not the risk of losing one’s money, but rather being denied access to it by circumstances beyond an individual’s control.
Cash can help everyone—including societies and economies at large—be better prepared. Should digital services fail, whether due to human error, natural disasters or cyberattacks, physical money will remain available and usable for all.
I am battle-scarred by the 2018 IT debacle at TSB, which locked me out of my banking for days. That’s why I now have two current accounts, in case one goes down, as well as my own secret stash of cash.