Say goodbye to your money: A massive change is coming 98



View Profile

It’s been suggested for a while but we never really thought even five years ago that the money would literally disappear from our wallets. But now it’s not a question of if it will happen, it’s when. According to a new study, we’re quite happy to leave our wallets at home.

Lucky that then, as new research from Westpac has revealed Australian consumers believe the country will be largely cash free within seven years. The Westpac Cash Free Report found four in five of Australians agree making all electronic payments via a smartphone will soon become the norm. And we’re already embracing it – over half of current the payments made in Australia are electronic.

By 2027, it’s been predicted by you and I that 90 per cent of us will not hold cash in our hands, though it could even been sooner than that, with projections showing June 2022 is when Australia will be cash-free.

Is this a scary prospect of the world we’re living in? That the main commodity of our world will soon cease to exist other than on a screen? Holding money in our hands makes it more tangible and allows you to feel the value of things. A digital world could throw savings goals into the wind, and perhaps breed a generation that doesn’t know the true value of a dollar.

B&T Magazine reports that 4 in 5 (81 per cent) Aussie smartphone users agree the ability to pre-order an item using an app before picking it up will become the norm and 33 per cent of Australian smartphone users’ believe their lives are made easier by apps by managing their finances.

Westpac’s Head of Consumer Deposits, Elliot Smith said, “Customers are at the heart of our business and we are committed to technological innovation and cashless options to make customers’ lives easier. This includes providing digital offerings such as Cardless Cash, Fingerprint login and tap and pay, and investing in innovative start-up companies that are engineering smart solutions to everyday problems”.

“Those businesses that do not provide a digital offering will be left behind”.


What do you think? Do you feel that a cashless world would be bad? Or do you look forward to the day we can do away with coins?


Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. We still need small amounts for small prices eg 1/2 loaf of bread or a muffin we fancy

  2. In my opinion the reason people get into financial strife is because it’s just too easy to buy things using a card without thinking of the cost. Whereas, if you’re paying cash you know precisely how much is in your purse and what you can afford.

    3 REPLY
    • That’s exactly right. I have a friend that doesn’t have the ability to keep track of her spending through an online statement, or even how much she has already used on her mobile phone plan/account online. She just keeps buying, & more often than not, has spent all of her pension within a week of receiving it. Even when you try to explain to her, she is unable to process the management of her finances..

    • I agree with you BUT that is the way we were taught. Those of the younger generation have been taught in a vastly different way. I am in my sixties & have had to re learn. When we were in business almost everything was charged or paid electronically & we still had to keep track of costs etc.

    • One of my sons has been fleeced for small amounts on a regular basis over the past two years, he held a Debit card, not a Credit card, he is still working out how to stop this theft, his bank is sympathetic but is having trouble finding an answer for him !

  3. I hope that won’t happen , how would u pay for things at markets and op shops ,I still like having cash on me .

    4 REPLY
    • A method to their madness I say to keep control of those cash only businesses so they declare income The same will happen to those tradies that only want to be paid cash for their services. Gone will be those days that you do a small job for cash to supplement your lifestyle. Big brother will be watching over us yet again.

  4. There are a lot of elderly that only use cash and they will be here for many a year yet me being one of them i will not use any electronic devices up to the day i die.

    1 REPLY
  5. I really can’t see this happening in that time frame, yes I’m very familiar with technology however there are a lot of people my age who really do struggle with it, it’s fine for the generations who have grown up with this technology and if I’m completely honest I don’t have a problem with it but you can’t force people to embrace something they just don’t understand.

    3 REPLY
    • Yes they/we can. It has been happening for several generations. The changes in the past 50 years are enormous. There are none so blind as those who WILL NOT see

    • Yes I agree, however your both ignorant to the fact that there are many who not only don’t have computers and as I have been told many times they don’t want to learn which is there prerogative.

      1 REPLY
      • I started using a computer at work 20 years ago and use electronic technology now. I have a mobile phone, an iPad and a lap top. I retired 3 years ago and turned 70 recently. Twenty more years will probably see me ‘gone’ so I think the statement of a cashless society in 2027 could be correct 🙂

  6. Don’t let anyone take away the last thing we can control .Money !!! Government paid pension cheques back ,in early 90 ‘ s straight into our bank accounts on the pretext of people stealing from letter boxes . That is when they worked us over got complete control ,working between banks and Gov , then let all our information out to overseas Co’ s jobs out to overseas cheaper labor.more money ,for ” Who ” ! We do not get anything given to us ,we have to work for it. May be the chip will come next. We won’t have to even say yes or no …..

    4 REPLY
    • I think that they are looking to get rid of the ‘cash economy’. The tax department is probably missing out big time because they have difficulty tracking transactions. If they remove cash then they can track every transaction. Big Brother has arrived.

  7. Why would you give up cash for small transactions, we are charged enough fees for using electronic transactions. I just don’t see what the gain is.

  8. Having worked for a Bank for 20 yrs I will never be happy to use electronic “cash” as Banks will only ever secure their systems after there is a problem. I just don’t trust Banks to maintain security of all the electronic technology. Yes I understand and can use the technology but I choose not to. Electronic Cash might be fine in Western countries but cash is still King eveywhere else..

  9. I don’t really care ,as long as I can pay my bills ,I’m too old to worry about it . I pay most of my things electronic now already . No problem at all . But then ; I’m very easy to please .

  10. I very seldom have cash on me. I use my card for everything. The only time I carry cash is when I am travelling as I will often stop in small towns where there is not alwaus eftpos is unavailable.

    1 REPLY
    • I do the same thing, when I drew cash out it seemed to last no time, I nicked into woolies and bought a few things every few days, At least with everything going on Credit card I know exactly what I spend it on, and I have a record of bills & payments . Aways paid off on time

Leave a Reply

Your email address will not be published. Required fields are marked *