Won’t someone think of the children? Last week we took another distressing step towards losing a vital teaching tool for our kids: cash. Analysis by Canstar of the latest APRA data reveals 4518 ATMs have been removed from service by our big four banks in the past five years – mostly, perhaps surprisingly, from the major cities. And the news comes hot on the heels of Westpac’s decision the previous week to stop offering cardless cash withdrawals – say, with a phone or watch – across the country.
The bank cited a decline in use, in favour of the “speed, security and convenience” of mobile wallet transactions. From 70 per cent of transactions being in physical currency in 2007, the RBA’s latest Consumer Payment Behaviour Bulletin showed it was just 13 per cent in 2023. Using cash is still the best way to help children become fabulous money managers.
Credit: Dominic Lorrimer Well, forget tradies – it’s our kids who will suffer the most if cash goes kaput. My Miss 11 summed it up perfectly the other day: “When I spend money from my pocket money card, Mamma, I don’t really care. When I spend car-washing cash [her main source of extra earnings], I really think about it.
” She encapsulated the well-documented phenomenon of coupling. No matter what your age, dip into your cash for a purchase and there’s an immediate dollar detriment..
. and discomfort. But use a card or any electronic form, and the financial hurt is hidden and indeed may not come until way la.
