Irish Organisations Highlight the Importance of Cash for Freedom
Apr 11, 2023
For people worldwide, cash equals freedom. It can be saved and spent in complete privacy, and it works even in the absence of electricity, an internet connection or a personal bank account. With increasing talk of ‘a cashless Ireland’, organisations are raising concerns about how excluding cash from the economy would also exclude a variety of people.
Irish news outlet Tipperary Live suggests now is the time to ‘pause and reflect’ on decreasing cash use and availability. While for many, the absence of cash will only be an occasional problem—for example when a system error or forgotten password locks them out of cashless options—there are sizeable minorities throughout Ireland for whom cash is essential to personal autonomy.
Womens Aid highlights cases of financial abuse, where an abuser controls a household budget and income. Cash can be privately given and received. It can be hidden and gradually saved. It is the only payment option that does not rely on accounts that can be overseen and restricted by an abuser, and can be spent without leaving a digital trail.
Womens Aid have stated that financial abuse is a real concern as many in vulnerable positions will find it increasingly difficult to ensure they have some cash to use when needed independent of their abuser.
Age Action Ireland also points out many across the nation are at risk of ‘digital exclusion’, whereby anyone unwilling or unable to use cashless options find their spending increasingly restricted. While this category includes some elderly people, it can also include people with disabilities and those on lower incomes who may be ineligible to use certain cashless options.
In the longer term, a move to cashless risks compromising individual privacy and security—as cashless options gather personal information that is routinely monetised via sales to third parties—as well as making an economy more vulnerable to natural disasters or cyber attacks that could knock out digital infrastructure.
Finally, Tipperary Live highlights one more benefit of cash: its tangibility can be a big help for budgeting, controlling spending, and developing a basic understanding of money, its value and management.
Children growing up in these times could find it difficult to realise the value of money, to save and budget, if they grow up with simply a piece of plastic or a mobile phone to buy products and services.
In positive news, Ireland’s Department of Finance recommended legislation earlier this year to preserve ‘reasonable access to cash’, making it mandatory for banks to provide deposit and withdrawal services and potentially requiring certain firms or sectors to accept cash payments. Progress on the proposed framework is expected later in 2023.