Older Australians push back against a cashless future

In a world where tapping a card or phone is becoming second nature at the checkout, a new survey has revealed something many older Australians already know: there’s still no substitute for good old-fashioned cash.

New research from Money.com.au has shown that a resounding 68 per cent of Australians — nearly 15 million people — believe all businesses should be required to accept cash. Another 14 per cent say at the very least, essential services like supermarkets, pharmacies, and petrol stations must continue to take notes and coins.

The findings are a clear message to policymakers and retailers alike: Australians aren’t ready to give up the choice of how they pay, and many — particularly over 60s — see cash not just as convenient, but as essential.

Sean Callery, finance expert at Money.com.au, says while digital payments are becoming more common, cash remains the most reliable option, especially when technology lets us down.

“Australians are using less cash overall, but they still believe businesses should be required to accept it. Cash remains the most reliable payment method — when the internet is down, the power is out, or there’s a tech glitch, it’s often the only way to pay,“ he said.

And with card surcharges on the rise, it’s not just about reliability — it’s about saving money, too.

“It’s also the only way to dodge debit and credit card surcharges — the most hated fee among Aussies, with 39% ranking it above even ATM withdrawal charges (14%),” Callery added.

The survey also highlighted clear generational differences in attitudes toward cash. Baby Boomers are the strongest supporters, with 83 per cent saying all businesses should be required to accept cash, followed by 71 per cent of Gen X.

In contrast, Millennials (57 per cent) and Gen Z (49 per cent) are less likely to believe cash should be mandatory.

Conversely, younger Australians are more inclined to support the idea that businesses should have the freedom to choose whether to accept cash. Gen Z leads this view at 25 per cent, followed by Millennials (15 per cent), Gen X (12 per cent), and just 7 per cent of Boomers.

Callery pointed out that although digital payments are on the rise, they’re not the answer for everyone.

“Digital payments might be the norm these days, but that doesn’t mean they work for everyone. Whether it’s due to age, accessibility, or just personal preference, cash still plays an essential role in the way many Australians pay for goods and services. Keeping cash may be more about ensuring fairness by preserving payment freedom for everyone,” he says.

Read more: UK proposes safeguards to protect access to cash. Will Australia follow suit?

The findings come as the Federal Government moves to safeguard Australians’ ability to pay with cash for essential items, ensuring millions who rely on banknotes are not left behind as the economy becomes increasingly digitised.

Under a proposed mandate set to take effect in 2026, businesses such as supermarkets, pharmacies, and petrol stations that sell essential items like groceries and fuel will have to accept cash payments.

Treasurer Jim Chalmers announced the proposal, emphasising that keeping cash in circulation and ensuring it remains a viable payment option will provide Australians with “security and peace of mind.”

“We’re making cash an ongoing feature of our economy even as we modernise the payment system,” Chalmers told ABC TV. 

“That’s because we understand that for a lot of people, cash is a lifeline, it’s a backup, it gives people security and peace of mind.”