Old Guy Confessions: I Still Carry Cash

Yes, I'm one of those guys. I still carry cash around with me pretty much every day. Not a lot, mind you, but I'm one of those people who just is not comfortable not having a little cash on me. I know, it's dangerous. It's certainly out of step with the way society is going these days (one reason I still do it). It means I'm an old fuddy-duddy. Guilty as charged. I just don't buy in to the whole cashless society.

In recent years, there has been a growing trend towards that cashless society, driven by the proliferation of digital payment technologies. While the shift towards digital transactions offers undeniable benefits, such as convenience and efficiency, it also raises significant concerns and challenges that must be addressed. The rush towards a cashless future may inadvertently exacerbate existing inequalities and pose threats to privacy, autonomy, and financial inclusion.

One of the primary concerns with a cashless society is the risk of excluding marginalized groups. Vulnerable populations, including the elderly, low-income individuals, and those without access to banking services, may face barriers in participating fully in the economy. Digital payment systems often require smartphones, internet access, and bank accounts, which may be inaccessible or unaffordable for certain demographics.

I know, it's just expected that everyone today must have a smart device with them and apps to connect them with their financial institutions, but that just isn't the case. This exclusion can deepen socioeconomic disparities, leaving behind those who rely on cash for their daily transactions.

Moreover, a cashless society is vulnerable to systemic risks and technological failures. Relying solely on digital payment infrastructure leaves society susceptible to cyberattacks, power outages, and disruptions in connectivity. A single technical glitch or hacking incident could paralyze the entire financial system, disrupting livelihoods and jeopardizing economic stability. The absence of a backup mechanism, such as cash, leaves society exposed to systemic risks beyond its control.

And to my mind, there are upsides to working with cash. Cash fosters financial literacy and budgeting skills. When you physically handle cash, you develop a tangible understanding of your spending habits and financial limitations. Counting physical bills and coins encourages mindful spending and helps individuals better manage their finances. This hands-on approach to money management is especially beneficial for young people learning about financial responsibility and budgeting.

When I was a kid, I could stretch 5 bucks for a whole month. How? Because I knew exactly what I had available to me every day. When our resources sit behind a debit card, we can too easily lose track about what we have at hand. How often do you check your bank account? I do almost every day.

And recently that turned out to be a good thing as we saw that our one of our debit cards had been electronically stolen, and there were several charges that were not ours. Even though we caught it the day of the theft, we had about $800 racked in in charges that were not ours.

Having some cash on hand we could handle the necessities while our financial institution rectified the matter (which they did and we are grateful for that).

Cash promotes privacy and anonymity. Unlike digital transactions, which leave a digital footprint, cash transactions do not require personal information to exchange value. This anonymity protects individuals from surveillance and preserves their privacy rights. In an era where data privacy concerns are increasingly prevalent, the anonymity of cash offers a valuable safeguard against intrusive surveillance practices.

I can hear you now. What are you trying to hide there Dr. T?!!? Frankly it's none of your or the governments business if I make an extra trip to Doughnutsville!

Look, I use a debit card with the best of them, but I just like a little cash with me. If you think that makes me chaotic, so be it.

And I bet you're thinking, "I'll bet he still has a change jar at home." Yep.

One more thing, occasionally I will come across someone who looks like they need a helping hand. When I have been impressed to assist, I've never had to ask them, “can I Venmo that to you?