Let’s talk about something that might zoom past us faster than we realise: the whole cashless society thing. It’s not just about fancy apps and digital wallets. Some serious aspects affect diversity, inclusion, and our sense of belonging and being human.
Why Employers Should Care
Our society turning cashless could be an issue for us at work – both in good and not-so-good ways. While paying with our phones is cool, it could also mess with how we feel about money and our overall well-being. I know that spending on my iPhone has bungled my budget. The spending became a spree; the money didn’t feel real to me.
Here’s why employers should care about it:
Who’s Left Out?
Apps and online banking are only for some. Similarly, only some can access traditional banking services or feel comfortable with digital transactions. A cashless shift could inadvertently exclude those without smartphones or reliable internet, disproportionately affecting lower-income and marginalised communities.
Recent data leaks underscore the valid worries about employee privacy and security. Cyberattacks and unauthorised access can compromise personal financial information and transaction histories.
Tech Learning Curve
Not everyone’s a tech wizard. Imagine having to learn a whole new system for spending your money. So, some employees might need training to navigate digital payment platforms effectively, preventing potential financial errors.
Financial Stability Challenges
Temporary and gig economy workers could face heightened difficulties in managing irregular income patterns, budgeting, and handling unexpected expenses in a cashless environment.
Sudden change can induce stress and anxiety among employees unaccustomed to digital transactions. The fear of errors or fraud could take a toll on their well-being.
Making Everyone Feel Included
Wouldn’t it be amazing if everyone felt included and valued? Businesses championing equity and inclusivity must consider what a cashless society could do.
So, what’s your take on this cashless deal and how it’s shaking up our work lives? Don’t be shy – drop your thoughts below.