Financial Advice for Retirement, Social Security, IRAs and Estate Planning

The Cashless Society Update

September 12, 2018

I’ve been hearing about the coming cashless society since the 1970s. It’s still not here, but this article says it’s getting closer. Even so, it points out that there are trends against going cashless and obstacles to a completely cashless economy.

Not exactly. The Federal Reserve said in 2016 that 35% of U.S. transactions were still made in cash. And the amount of cash—literally, legal tender notes—being used around the world continues to rise. Plus, there are still plenty of obstacles to going cashless.

For starters, the FDIC estimates that 7% of the U.S. population is still unbanked. In other words, they live an all-cash life, so would be entirely shut out in a cashless society. Some also like the anonymity that comes with paying cash. Others use cash for budgeting reasons (when you’re out of cash, you stop spending).

 

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