In the age of payWave and internet banking, I rarely carry cash. Other than coins collected from beneath couch cushions or notes shaken loose from birthday cards, I can never be relied on to have physical money. On Monday, Treasurer Jim Chalmers revealed a national plan to force retailers selling essential items, like groceries and fuel, to accept banknotes and coins, making it clear cash is sticking around.
Even before this announcement, I had found myself wondering: when online shopping is as easy as a click or two, and surcharges on card payments are rife, could exclusively using cash help me save money? I set off on a week-long experiment to find out. Using cash for a week taught me about my spending habits. Credit: iStock First impressions Starting my challenge on a Thursday, I had to track down an ATM and recall my pin, having grown accustomed to tap-and-go payment.
Before making a withdrawal for $300, the cash section of my wallet was empty, aside from a small amount of foreign currency from a recent holiday. Most Australians find their wallets just as bare as mine. RBA data from 2022 shows cash makes up just 13 per cent of transactions.
It’s used sparingly by younger generations, but more frequently by older Australians. A costly weekend, which included Friday night dinner with my girlfriend and buying a new tennis racquet, turned my $300 into nothing come Monday morning. On a late Sunday night trip to the supermarket for chocolate, I had to scrounge for coins.
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