Show me the money: older Aussies fight to keep cash

Advocacy peak National Seniors Australia has launched a Keep Cash Campaign saying any move to a cashless society disproportionately impacted seniors and highlighted the issue of digital exclusion.

"Many seniors are not comfortable transacting online because they're not tech savvy, and they're concerned about online and credit card scams," said chief executive Chris Grice.

"In many cases, cash is all they're familiar with, and is their only way to make purchases."

The Keep Cash Campaign has resonated with older Australians and according to NSA is the second most trending issue on its website after Let Pensioners Work.

NSA accepts there is a decline in the use of cash particularly since COVID, however, one in five individuals aged 65 and older still predominantly rely on cash for more than 80 per cent of their transactions.

Between June 2022 and June 2023, 424 bank branches closed their doors with a significant number of these being in regional areas. More than 700 ATM machines were also decommissioned during the same period.

According to a survey conducted by the Reserve Bank of Australia, 25 per cent of participants said a lack of easy access to cash or difficulties in using it would pose a considerable inconvenience.

Mr Grice said older people in particular were concerned about being able to access electronic funds in the event of a natural disaster or network outage and parts of rural and remote Australia have poor or no internet.

Older Australians are also among the most vulnerable to scams.

Recent ACCC data showed while overall the number of reported scams had declined older people continued to suffer the greatest harm at the hands of scammers.

People over the age of 65 were the only age group to experience an increase in reported losses to $120 million in 2023.

Card transactions are also expensive with fees ranging from 0.5 per cent to 2 or 3 per cent and the amount of transaction surcharge is often not advertised until you get handed the receipt.

Older people have also expressed concerns at the phasing out of cheques.

Mr Grice said any move to a cashless society should be made with seniors in mind.

NSA wants cash to remain a valid form of currency, additional support for seniors including digital education and for retailers to continue to accept cash.

Sign up for the Keep Cash Campaign at nationalseniors.com.au