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A recent study reveals that older Australians and those from lower-income households are more inclined to use cash. However, the majority of Australians tend to keep some cash on hand, averaging around $65, primarily for emergencies.
Despite the growing preference for digital transactions, a significant number of Australians still depend on cash. Recognizing this, the federal government implemented a mandate in January requiring businesses to accept cash for essential transactions.
In an effort to further encourage cash usage, Australians are being called to participate in Cash Out Day, set for next Tuesday, April 28th, by withdrawing money from their nearest ATMs.
Chris Grice, CEO of the National Seniors Association, emphasized that Cash Out Day aims to highlight the critical importance of easy cash access, particularly for older Australians and those living in regional communities.
“The Reserve Bank of Australia’s survey indicates that cash remains the predominant method of payment for individuals over 65, those with lower incomes, and residents of regional areas,” Grice noted.
“Our mantra… has been to ‘use it or lose it’.
“Cash users across the country should feel validated by the news that proves cash still has a solid place in the economy.”
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