Will future generations know the unrivalled thrill of getting a crisp $50 bill from your grandma on your birthday? We’re not so sure.
Driving the news: There’s a rising tide of physical currency advocates in Canada calling on the feds to step in and save cash — like literally save it, from obsolescence. Last month, MP Ted Falk tabled a bill in Parliament that would guarantee the right of Canadians to access cash.
- Falk drafted the bill after he went to a Winnipeg Jets game and was stunned to learn the arena didn’t take cash. This is how things get done in Canadian politics, folks.
- Other countries like Norway and Spain have instituted similar laws, and in 2019 Philadelphia became the first city in North America to ban stores that don’t take cash.
Why it matters: Research has found that a cashless society would have an outsized impact on vulnerable groups. Even as cash usage declines, it remains vital for those who want privacy, need tangible control over their spending, or feel digital payments are unsafe.
Big picture: In 2022, cash payments accounted for 10% of Canadian transactions, a 59% fall from five years prior. That said, nearly a third of Canadians still use cash for day-to-day purchases, and over 50% are worried about the rise of cashless stores.—QH