August 2023

EDITORIAL: The dehumanising impact of a cashless society

According to some, particularly the proponents of digital technology, we are inevitably moving towards a cashless society. Based on data from the US and Australia we are already significantly less cash, with cash now accounting for just 13 per cent of all payments in Australia compared to 27 per cent in 2019. With bank branches closing, retailers no longer accepting cash and ATMs being harder to find, it is no wonder that in Europe and the UK they have legislated, regulated or mandated that their societies must continue to have access to cash.

We have previously discussed the financial impact that a loss of access to cash will likely have on older consumers, regional communities and those who don’t speak the language of the country in which they reside. But what of the human cost?

As we enter the period of Artificial Intelligence, there is increasing concern about the impact of AI on society from loss of human interactions and jobs, even to the extent that some leaders of major technology companies are warning about unintended consequences.

This is no different to the impact that becoming cashless would have.

Not only will there be a loss of human interaction at the retail store, bank branches or the Post Office, there will be a significant loss of jobs in both, plus job losses in cash production, logistics, materials supply companies and all the support staff involved.

If the technologists are concerned, as they appear to be, about the impact of AI on society, we must equally be concerned about the impact on those who rely on cash not only for financial security and independence but also because of the loss of human connections that cash helps to facilitate.

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