Join our Keep Cash campaign
National Seniors is spreading the word that many Australians want to keep cash in their pockets and purses, not just on cards and phones
Australians are responding enthusiastically to National Seniors’ campaign to ensure cash remains accessible and accepted across the country.
Now, as part of the Keep Cash campaign, we are encouraging retailers to display NSA’s “We accept cash” stickers.
Members of NSA branches have already been out and about, encouraging their favourite shopkeepers to make it known that cash is legal tender, and they will willingly accept it as payment.
This comes at a time of great concern, especially among older Australians, that we are moving towards a “cashless society”, where all transactions are conducted with cards or mobile devices.
NSA Chief Executive Officer Chris Grice says, “The use of cash is no longer the norm but the exception. Customers often need to ask if their cash will be accepted and can feel apologetic about it. This shouldn’t be the case.
“Retailers that accept cash should proudly promote it and NSA wants to help them do this – it’s a valid form of currency after all!
“According to the RBA, 7% of Australians use cash for 80%+ of transactions. If cash is not accepted, it’s not only an inconvenience, but it can also result in real hardship if the customer doesn’t have ability to pay via another method.”
As cash use declines, so does the number of access points available to withdraw it. Between June 2022 and 2023, 424 bank branches closed their doors, 122 of these occurred in regional areas.
In January 2024, NAB announced plans to close as many as 36 branches across New South Wales, Queensland, Victoria, and Western Australia, further signalling a shift towards online banking.
“Bank closures impact older people who are less inclined to bank online or travel to another branch. For people in regional areas, travelling to another branch may not be feasible. Closures need to be considered with older people in mind, to ensure they can access cash, transfer money, and pay for groceries and bills just as they always have,” Mr Grice said.
Since 2017, the number of bank ATMs across Australia has dropped by 7,402 machines or 60%. There are now fewer than 6,000 bank ATMs, marking a significant shift in how Australians can access their cash.
Adding to this, the Reserve Bank of Australia has signalled the “days are numbered” for cheques. They will disappear completely by 2030, but many banks have already stopped issuing cheque accounts.
“Withdrawing cash services will impact the community, especially for seniors less inclined to bank online or who live regionally,” Mr Grice said.
“Not all seniors are comfortable using debit or credit cards, or banking online, because they’re not tech savvy, they’re fearful of potential scams and cash is what they’ve always known.
“Doing any business online can come with problems and risks. In emergency situations such as floods, when electronic systems crash, cash is king. It is only the retailers that accept cash and the customers who have it who can complete transactions. We need to keep cash!”
