My son, who is applying for university: Mum, you speak of digital and cashless payments, but I think cash is actually very useful. I’ll be away from home, and I want to make sure I do not overspend. I can load up my wallet with a fixed amount per week or month, and make sure I spend only within that.
Cash is tangible. I can go count it any time and I will have better control over my spend. If I’m making a mobile payment, it becomes too easy to pay. If the payment is backed by a credit card, won’t it make me less conscious of the money I’m spending?
How can we ensure digital payments not only make it easier to pay, but also help my son and his generation manage their finances?
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