Australians urged to use cash instead of opting for convenience.
Sky News host Liz Storer has urged Australians to continue withdrawing cash and keeping it in circulation instead of āopting for convenienceā.
Ms Storerās remarks come after Bankwest announced it would be closing another three banks in a bid to go āalmost solely digitalā. āThe banks are simply going, you know what why would we bother when the people are voting with the feet,ā she said.
āIf this isnāt a reminder withdraw cash, use cash, keep it in circulation.
āBecause we all know certain people in our world have a very real agenda to just get rid of it all together and right now, weāre validating those decisions by opting for convenience.ā
In a world where technology and convenience are king, it’s easy to overlook the value of good old-fashioned cash. However, Sky News host Liz Storer is urging Australians to reconsider their reliance on digital payments and continue to withdraw and use physical cash.
Her call to action comes on the heels of Bankwest’s announcement that it will be closing three more branches as part of its push towards a ‘digital-first’ approach. This move is just one of many by banks and businesses around the world to shift towards a cashless society, where all transactions are done electronically.
But Ms Storer believes that this shift is not in the best interest of everyday Australians. She argues that by constantly opting for convenience and digital payments, we are inadvertently validating the decision to eliminate physical cash altogether.
While digital payments may seem like the easier and more efficient option, there are several reasons why we should continue to use and circulate physical cash.
Firstly, cash provides a level of privacy and anonymity that digital payments simply cannot. In a world where our every move is tracked and monitored, it’s important to have some financial transactions that are not recorded or traced. This is especially important for those who value their privacy or have concerns about government surveillance.
Secondly, cash is a tangible asset that we can physically hold and control. In a digital world, our money is essentially just numbers on a screen, controlled by banks and corporations. By keeping cash in circulation, we are maintaining a level of control over our own finances and not relinquishing all power to the digital realm.
Moreover, cash is universally accepted. It doesn’t require a bank account, a smartphone, or an internet connection. This makes it an essential tool for those in rural or remote communities, the elderly, and those who may not have access to or be comfortable with technology.
Ms Storer also points out that while digital payments may seem convenient, they are not immune to technical difficulties or cyberattacks. A power outage, internet outage, or a hacked bank account could leave us without access to our money. Keeping cash on hand provides a safety net in case of these situations.
But perhaps the most compelling reason to continue using and circulating physical cash is its impact on the economy. By keeping cash in circulation, we are supporting small businesses and the local economy. When we use digital payments, a portion of the transaction fees goes to the banks and credit card companies, rather than staying in our local communities.
In addition, cash transactions are more difficult to trace and tax, which can be seen as a positive or negative depending on the situation. Regardless, it does provide individuals with more control over their own finances and spending habits.
Ms Storer’s call to action is a timely reminder to not take physical cash for granted and to continue using and circulating it. While digital payments may seem like the convenient and modern choice, it’s important to remember the value and benefits of cash in our society. So next time you have the option, consider withdrawing some cash and using it for your transactions. You may just be helping to preserve an important aspect of our financial system and supporting your local community in the process.