Despite the rise of digital payments, Australians overwhelmingly want the right to pay with cash, according to new research from Money.com.au.
The nationally representative survey of 1000 Australians finds that the majority (68%) – equivalent to 14.8 million people – believe all businesses should be required to accept cash as a payment option.
A further 14% say essential services like supermarkets, pharmacies, and petrol stations should at least continue accepting cash.
A similar portion of Australians (13%), however, say businesses should be free to choose whether to accept cash, while just 5% support a no-cash policy.
Money.com.au’s finance expert, Sean Callery, says while digital payments are rising, cash still plays an essential role for millions of Australians.
“Australians are using less cash overall, but they still believe businesses should be required to accept it. Cash remains the most reliable payment method – when the internet is down, the power is out, or there’s a tech glitch, it’s often the only way to pay,” he says.
“It’s also the only way to dodge debit and credit card surcharges – the most hated fee among Aussies, with 39% ranking it above even ATM withdrawal charges (14%).”
The survey finds the support for cash is highest among older generations. Boomers are the most likely to say all businesses should accept cash (83%), followed by Gen X (71%). Millennials (57%), and Gen Z (49%) are the least likely to say cash should be mandatory.
On the other hand, younger Australians are more likely to say businesses should have the choice to accept or reject cash. Gen Z are the most likely to support this (25%), followed by Millennials (15%), Gen X (12%), and Boomers (7%).
Mr Callery says digital payment systems might be more common, but they don’t suit everyone.
“Digital payments might be the norm these days, but that doesn’t mean they work for everyone,” he says.
“Whether it’s due to age, accessibility, or just personal preference, cash still plays an essential role in the way many Australians pay for goods and services. Keeping cash may be more about ensuring fairness by preserving payment freedom for everyone.”
