What If CASH Didn't Exist? The Problem With A 'Cashless Society'

If I asked you to picture the last thing that you bought - whether that was a recent trip to the grocery store, a cup of coffee, an Amazon order or whatever else you’ve decided was worth your money recently - how did you pay for that thing? I’ll give you a second to picture it… I’m guessing you used either your credit card, maybe your debit card, or potentially you used e-transfer or Venmo to send someone your half of the bill they grabbed. But I’m also guessing that what you didn’t use was actual cash.

And I think this is a pretty fair assumption, considering that paying with cash has become less and less common over the past few years. We can see that the number of people using cash for none of their purchases is going up a lot over the past decade alone, and it’s especially high for anyone earning more than $50,000 per year.

Now, even if you can’t think of the last time you used cash, how would you feel if cash didn’t exist anymore? If it just poof completely vanished, and we became a cashless society? It’s something that sounds like it’s going to happen at some point, but should it happen? And are we actually ready for that to happen now? In this video, we'll talk through how much cash is actually used right now, and the potential downsides of going fully cashless.

0:00 When’s the last time you used cash?
0:57 The history of money
3:14 Cash is being used less and less
5:19 Canada’s leading the way for a cashless society
7:47 The main problem: a lot people are un- or under-banked

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