Search

Placeholder Content Image

Why the benefits of a cashless society are greatly overrated

<p>After recreational cannabis use became legal in Canada last October, research shows the number of<span> </span><a href="https://blogs.lse.ac.uk/businessreview/2019/02/26/legalising-cannabis-reduced-the-use-of-cash-in-canada/">bank notes in circulation</a><span> </span>fell sharply. Before, marijuana buyers used cash to keep their transactions anonymous. After, there was a massive switch to the convenience of cashless payments.</p> <p>It’s a prime example of what makes a cashless society so attractive to law makers and enforcers wanting to put the squeeze on the “black economy” that can’t be tracked or taxed.</p> <p>But not everyone clinging to cash has illicit motivations.</p> <p>This month Philadelphia became the first major US city requiring all merchants to accept cash. This week the state of New Jersey followed suit. Other US cities and states are considering the same.</p> <p>The chief concern is that cashless payment systems discriminate<span> </span><a href="https://www.wsj.com/articles/philadelphia-is-first-u-s-city-to-ban-cashless-stores-11551967201?mod=hp_lead_pos5">against the “unbanked”</a><span> </span>– those without a bank account – making life harder for those already on the margins. “It’s really a fairness issue,” said the<span> </span><a href="https://www.phillyvoice.com/philadelphia-ban-cashless-stores-first-us-city/">councillor who sponsored the ban</a>. “Equal access is what we’re trying to get.”</p> <p>So as nations make plans to become cashless societies, and automated teller machines start to go the way of telephone booths, it’s timely to consider the pros and cons of cashless payments. We need ensure our enthusiastic<span> </span><a href="https://theconversation.com/australia-may-be-closer-to-being-a-cashless-society-but-it-wont-happen-by-2020-75258">march to the future</a><span> </span>does not trample over people or leave them behind.</p> <p><strong>Counting the unbanked</strong></p> <p>A<span> </span><a href="https://economicinclusion.gov/">national survey</a><span> </span>by the US Federal Deposit Insurance Corporation shows about 8.4 million US households – or 6.5% of all households – were unbanked in 2017. Philadelphia’s new law is primarily to protect such people.</p> <p>Taking effect on July 1, the law requires most stores to accept cash, and forbids them charging a surcharge for paying with cash. New York, Washington and Chicago are among the cities investigating similar measures.</p> <p>In Britain a<span> </span><a href="https://www.accesstocash.org.uk/media/1087/final-report-final-web.pdf">review of cash accessibility</a><span> </span>headed by former chief financial ombudsman Natalie Ceeney has urged financial regulators to stop the country “<a href="https://www.finextra.com/newsarticle/33482/access-to-cash-system-on-verge-of-collapse-warns-report?utm_medium=newsflash&amp;utm_source=2019-3-6&amp;member=103992">sleepwalking</a>” into a cashless society. Its report, published this month, recommends a national guarantee that consumers will be able to access and use cash for as long as they need it.</p> <p>About 17% of the British population – over 8 million adults – would struggle to cope in a cashless society, the report says: “While most of society recognises the benefits of digital payments, our research shows the technology doesn’t yet work for everyone.”</p> <p>The tip of the iceberg is the decline in bank branches and ATMs. Two-thirds of bank branches have closed<span> </span><a href="https://www.ft.com/content/1947ac8e-e8d2-11e8-a34c-663b3f553b35">in the past three decades</a>, and the rate of closure in accelerating. Cashpoints are disappearing at<span> </span><a href="https://www.finextra.com/newsarticle/33386/the-numbers-dont-add-up-universal-provision-of-access-to-cash-called-into-question?utm_medium=dailynewsletter&amp;utm_source=2019-2-15&amp;member=6040">a rate of nearly 500 a month</a>.</p> <p><strong>Learning from Sweden</strong></p> <p>But this is simply the most obvious symptom, according to the Ceeney report, with evidence from other countries demonstrating the issue of merchants accepting cash is more important.</p> <p>“Sweden, the most cashless society in the world, outlines the dangers of sleepwalking into a cashless society: millions of people could potentially be left out of the economy,” it says, “and face increased risks of isolation, exploitation, debt and rising costs.”</p> <p>About 85% of transactions in Sweden are now digital. Half the nation’s retailers expect to stop accepting cash before 2025.</p> <p>The nation is now counting the societal costs.</p> <p>The Riksbank, Sweden’s Central Bank, is asking all banks to keep providing and accepting cash while government works out how best to protect those<span> </span><a href="https://www.riksbank.se/en-gb/statistics/payments-notes-and-coins/payment-patterns/">who most rely on cash</a><span> </span>– such as those aged 65 or more, those living in rural areas, those with disabilities and recent immigrants.</p> <p>An estimated 1 million Swedes are not comfortable with using a computer or smart phone to do their banking. Immigrants often do not have a bank account or credit history to get a payment card.</p> <p><strong>Considering consequences</strong></p> <p>“If cash disappears that would be a big change, with major implications for society and the economy,” Mats Dillen, the head of the Swedish Parliament Committee studying the issue,<span> </span><a href="https://www.nytimes.com/2018/11/21/business/sweden-cashless-society.html">has said</a>. “We need to pause and think about whether this is good or bad and not just sit back and let it happen.”</p> <p>The New York City Council member pushing the bill to ban cashless-only stores, Ritchie Torres, agrees. He is particularly concerned about the issues of class and ethnic discrimination.</p> <p>“I started coming across coffee shops and cafés that were exclusively cashless and I thought: but what if I was a low-income New Yorker who has no access to a card?”<span> </span><a href="http://www.grubstreet.com/amp/2018/11/new-bill-would-make-cash-free-businesses-restaurants-illegal.html">Ritchie Torres has explained</a>. “I thought about it more and realised that even if a policy seems neutral in theory it can be racially exclusionary in practice.</p> <p>"In some ways making a payment card a requirement for consumption is analogous to making identification a requirement for voting. The effect is the same: it disempowers communities of colour.”</p> <p>These are timely reminders that we should never assume that technological change is value-free, or necessarily an improvement. All revolutions have their hidden costs. We need to ensure those costs are shared equitably, and that no one is accidentally disadvantaged by them.</p> <p><em>Written by Steve Worthington. Republished with permission of <a href="https://theconversation.com/depending-on-who-you-are-the-benefits-of-a-cashless-society-are-greatly-overrated-113268">The Conversation.</a></em></p>

Money & Banking

Placeholder Content Image

5 pieces of overrated cruise advice

<p>Although this cruising advice is commonly shared, it’s fine to ignore these five pieces of advice on your next holiday.</p> <p><strong>1. You have to get a balcony</strong></p> <p>Sure, balconies are nice – but they will cost you. You can save up to 25 per cent by choosing an interior cabin, which adds up to a lot of extra piña coladas by the pool. If you’re on a large ship with lots of fun facilities, you won’t want to spend too much time in your cabin anyway. You’ll be out on deck, sampling all the restaurants, stage shows, games, spa or cinema. Interior cabins also have their benefits – if you’re a light sleeper, the lack of windows makes for complete darkness and a much better sleep. Many modern ships even have virtual balconies now, which will project a real-time image of the outside on a screen on the wall.</p> <p><strong>2. You should only take official shore excursions</strong></p> <p>One of the best things about cruising is getting to visit many different destinations in the one journey. And shore excursions are a fantastic way to see each port. Your cruise ship will offer a whole range that can be booked in house, but don’t think that these are your only option. Official shore excursions can be very expensive and don’t cover everything there is to see in port. You can definitely look to local operators you find online or go it alone, saving money and creating your ideal itinerary. Just make sure you’re back to the ship in plenty of time, because it is true that the ship can leave without you.</p> <p><strong>3. You should be prepared to get sick</strong></p> <p>Whether it’s seasickness or the dreaded norovirus, many people automatically associate cruises with being unwell. In fact, you’re really no more likely to get sick on a ship than you are on a plane or in a hotel. Outbreaks are often sensationalised in the media, so it seems like they happen more often than they really do. While it never hurts to think ahead and pack some basic medications, you shouldn’t board thinking the worst.</p> <p><strong>4. You must get off at every port</strong></p> <p>When you first look at your itinerary, it's natural to get excited about every port along the way. But as you’re travelling, you may find that you become exhausted and don’t feel like spending another day ashore. The answer is simple – don’t! A cruise gives you the freedom to do exactly what you want to do and sometimes all you really want is a day flopped by the pool. The added bonus is that the ship will be much less crowded on port days, so you’ll have more space to yourself.</p> <p><strong>5. You need to buy a beverage package</strong></p> <p>Most cruise lines now offer ‘all you can drink’ beverage packages that mean you can pay a flat fee per day rather than signing the bill each time. These often sound like a great deal, but make sure you be realistic about how much you’re going to drink. If your cruise has lots of port days, you may not be spending enough time aboard to take advantage of it. If you’re not a big alcohol drinker and are happy to stick to tap water, you’re better off paying as you go. Plus, if you decide you want to sign up later you can generally get a package within the first few days of sailing.</p> <p>What else would you add to the list? Let us know in the comments below. </p>

Cruising

Placeholder Content Image

Retirement is overrated. Here’s what I did instead.

<p><em><strong>Robyn Lee is in her 70s and lives with two lovable but naughty cats. She has published a book on seniors behaving badly, entitled “Old Age and Villainy”, and considers herself an expert on the subject.</strong></em> </p> <p><img width="166" height="173" src="https://oversixtydev.blob.core.windows.net/media/18849/cc-robyn-lee_166x173.jpg" alt="CC ROBYN LEE" style="float: left;"/>Do you find retirement a little overrated? Have you ever thought of finding a part-time job or volunteering?</p> <p>I tried retiring once. It didn't work, for a few reasons. I lived on my own and thanks to an ex who, to put it mildly, was not good with money, I found myself in the position of having to work to supplement the pension. However, I didn't have a problem with that and enjoyed the company of my colleagues for two or three days a week. Plus I enjoyed my job, had a great boss and friendly colleagues. Centrelink was also very helpful. All I had to do was declare the hours worked and income earned each fortnight and my pension was adjusted accordingly.</p> <p>After a couple of years, though, I became fed up with having to drive into the city, even though it was only for two or three days a week. Traffic, cost of parking and fuel, plus having to figure out what to wear to work, then finally facing the traffic again in the afternoon soon became a chore. Fortunately, because I used a computer at work and had one at home, my boss agreed to me working from home. I was very happy with that as I could work my own hours as long as I worked the agreed number per day. No more dressing up then fighting traffic! Thankfully, my fuel bill was also drastically cut. Better still, in winter I could put the heater on and start work in my pyjamas, dressing gown and slippers, with a cup of coffee to start me off.  In summer, I would start work at daybreak, work my agreed hours then have the rest of the day free. What a life and I was paid for it! Of course, the only downside to working from home was that I didn't get to interact with other people. I solved that problem by joining a hobby group and also performing volunteering work one day per fortnight.</p> <p>Unfortunately not all jobs can be worked from home but if you enjoy feeling useful and like meeting people, what about a volunteering position? Okay, it's unpaid but you do get to meet people such as your co-volunteers or, if you prefer to work somewhere such as one of the many charity op shops, the customers. When living on your own, unless there is family close by or you have a good support network of friends, the danger of becoming isolated and depressed can be a problem for a lot of us. Working or volunteering, even for one day a week, can help prevent that and charities are always looking for volunteers.</p> <p>One year, I volunteered for a well known charity's annual doorknock fundraising effort. However doorknocking doesn't appeal to everyone and I found I didn't really like it!  But the only way to find out whether you are going to like something or not is to have a go.</p> <p>A couple of years ago, I was successful in attaining my radio operator's licence. The six week course was held by a local marine rescue organisation and involved three hours ne night per week. Having my radio operator's licence meant I could volunteer for the rescue organisation of my choice and the licence is valid for a lifetime.</p> <p>Another interest for me is animal welfare and at one animal rescue place I could work with either cats or dogs, whatever my preference. These places are so rewarding to volunteers although they do have their heartbreaking moments. My only problem in working in this environment is that I would want to bring all the animals home! </p> <p>Which brings me to another aspect of animal welfare volunteering. If you are unable, for whatever reason, to have a permanent pet, consider fostering an animal for a short time until a home is found. There's a warning here though, you may become so attached to the animal you're fostering it could end up permanently yours!</p> <p>Just because we're over sixty doesn't mean our usefulness to society is over. Far from it, a lot of employers are beginning to see the wisdom in hiring older people. We do our job properly, we don't take sick leave unless it's genuine, our child-rearing days are over plus we're very responsible.  If you prefer to volunteer, you can chose your days and hours and have a lot of fun as well.</p> <p>Working or volunteering has benefits for all of us in that it keeps our minds alert, we can make new friends and feel a part of society by doing something we enjoy.</p> <p><em><strong>If you have a story to share please get in touch with <a href="mailto:melody@oversixty.com.au">melody@oversixty.com.au</a></strong></em></p> <p><strong>Related links: </strong></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/lifestyle/retirement-life/2016/04/85-year-old-navy-veteran-learns-to-tap-dance/">85-year-old Navy veteran learns to tap-dance</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/lifestyle/retirement-life/2016/04/5-new-hobbies-to-try-now/">5 new hobbies to try now</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/lifestyle/retirement-life/2016/04/why-you-should-still-set-an-alarm-when-you-retire/">Why you should still set an alarm when you retire</a></em></strong></span></p>

Retirement Life

Over 60

© Copyright 2024 OverSixty.All Rights Reserved.