Concerns are growing about the emergence of a “two-tier society” as fewer British businesses accept cash, potentially marginalising vulnerable groups like the elderly, those with learning disabilities, or victims of domestic abuse if the nation moves towards a “cashless” future.
Have your say! How do you treat cash? Do you use it all the time, keep it on hand for emergencies, or have you sworn off cash altogether? Comment below, and join in on the conversation.
A Treasury Committee inquiry has highlighted the issue, revealing that a growing trend of businesses declining cash payments might lead the UK to inadvertently drift into a “cashless society”a scenario where all financial transactions happen online or electronically.
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The possibility that authorities might have to compel businesses to accept cash to protect vulnerable individuals was raised by MPs after reports by the Mirror. Currently, businesses choose whether or not to accept cash without legal obligations to consider the broader impact on customers.
Dame Meg Hillier, heading the committee, expressed a stark warning: “The Government is in the dark on how widely cash is being accepted and that is completely unsustainable. We are at risk of a two-tier society where the most vulnerable bear the brunt and this needs to be a wakeup call.”.
“Our Committee has sought to give a voice to those groups which are at severe risk of not being heard by government policymakers. A sizeable minority depend on being able to use cash and they must not be forgotten by Whitehall.
“As a society, we must avoid sleepwalking into a situation where cash is no longer widely accepted. This is the beginning, not the end, of our scrutiny of this issue. The Government needs to take this seriously.”
The committee’s report also highlights the critical need to maintain the ability to use cash, especially underscored during instances like the recent bank outages.
It’s clear that cash is becoming less of a king these days, with technological alternatives like online banking and tap-to-pay services gaining ground. Data from UK Finance reveals a stark reduction in cash dealings, plummeting from 51% of all transactions in 2013 to a mere 12% by 2023.
Have your say! How do you treat cash? Do you use it all the time, keep it on hand for emergencies, or have you sworn off cash altogether? Comment below, and join in on the conversation.
