Author Topic: Is cash making a comeback?  (Read 317 times)

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Offline Deeman

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Is cash making a comeback?
« on: September 06, 2019, 02:52:00 PM »
Reported in the Daily Telegraph:

Contactless payments are leading young people into debt because it is now “too easy” to spend money, experts have said.

More than 1 in 10 young people are thinking of cutting out contactless and online payments and moving back to cash as a way to control their spending, research has found.

The study, which was carries out by The Claude Littner Business School at the University of West London, found that 1 in 5 Londoners below the age of 45 are struggling to pay their debts because of the ease of “tap and go” payments.

The findings come after data showed earlier this year that the number of young people going bankrupt has increased 10-fold over the past three years.

Data from the Insolvency Service showed that between April and June almost 2,000 18 to 25-year-olds entered a formal insolvency procedure.

Offline Figleaf

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Re: Is cash making a comeback?
« Reply #1 on: September 06, 2019, 09:54:12 PM »
Banks have a vested interest in contactless. They have no soul and no pity.

Anyway, is self-control really that difficult? Maybe the young ones are bothered by doing less well than their parents now that they are on their own? A bit of budgeting would be more efficient than cash.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.