Cash-free chaos: Why resisting banks' vision for a cashless world matters
Younger Generations Turning to Cash Again, Including Myself with my Stash of Bills
By Gaby Hinsliff / The Guardian
With just a few frayed dollar bills left in my worn wallet, I'm a rare bird indeed—a person clinging to physical cash in a digital world. These remnants from a past holiday are all I've got, as the number of places taking British notes dwindles daily.
My local boozer refused to accept cash for years, likely to keep out unwanted outsiders (a long, eccentric tale best left untold). I keep a stash of coins for self-checkout machines at the supermarket, but using actual money feels quaint, almost shady, these days. More and more cafes and bars are banning cash, claiming it's simpler not to deal with bank trips.
But hey, what's the big deal, right? Most of us have switched to tapping a card reader, so why worry?
For one, it's the vulnerable who still rely on cash—the elderly fearful of scams or struggling to make sense of apps, people with dicey credit records unable to open accounts, individuals with learning difficulties who grasp cash more easily, and women who keep "emergency money" hidden from abusive partners.
Then there's the issue of resilience—remember Spain's recent massive power outage? When the worst happens, cash is the backup we can still rely on. Sweden had second thoughts about becoming a cashless society last year, afraid they were becoming less prepared for saboteurs and hostile actors.
And let's not overlook the unsettling feeling that a source of money free from government tracking or freezing would be a welcome safety net. After all, having walked through the dystopian landscape of the US' descent into chaos, would anyone really be foolish enough to dismiss such a precaution?
Strangely enough, a broad coalition has arisen in defense of cash—traditionalists, conspiracy theorists, activists, small business owners, and anti-poverty groups all see value in hanging on to a bit of folding green. Even Gen Z, otherwise digital natives, have taken to the social media-driven cult of "cash stuffing," allocating weekly funds into envelopes for specific purposes. As soon as that envelope's empty, so is the wallet.
Inexplicably hypnotic, these cash stuffing videos, with their stacks of crisp bills and pastel folders, speak to a deep desire for control, order, and stability. It's a comforting reminder of simpler times, like grandma keeping her housekeeping money in a biscuit tin—only, unfortunately, the less said about burglars and home cash stashes, the better.
As with the old-school habit of reading newspapers, the march toward digital may be inevitable, but letting go of something tangible takes its sweet time.
Banks are drooling over a cashless society, of course. With fewernotes and coins sloshing around, it's easier to close branches, switch to digital, and force customers to chat with call centers or frustrating chatbots. Goodbye, human interaction on the high street!
But think about the past few decades, the questionable benefits banks have brought to society. So let's resist the pull of a cashless world, at least for now. After all, my dwindling stash of cash may be worth clinging to.
Gaby Hinsliff is a Guardian columnist.
Bonus: Hidden risks
closed-minded institutions: Digital transactions create permanent records that governments or institutions can use to monitor spending patterns and potentially enforce social credit systems, regulate individual behavior based on spending patterns, and freeze or seize assets during crises.
- Despite the growing shift towards digital transactions, there is a resurgence of appreciation for cash, especially among vulnerable individuals who struggle with technology, such as the elderly, people with learning difficulties, and those with poor credit histories.
- The move towards a cashless society poses concerns about resilience, as was evident during Spain's massive power outage and Sweden's reconsideration of its cashless stance, fearing less preparedness for saboteurs and hostile actors.
- A cashless society may lead to a diminished sense of privacy, as digital transactions create permanent records that could potentially be used by governments or institutions to monitor spending patterns, enforce social credit systems, and regulate individual behavior.
- Banks stand to gain significantly from a cashless society, as it could potentially allow them to close down branches, transition to digital services, and force customers to interact with call centers or frustrating chatbots, reducing human interaction on high streets.
