A future without money

future without money

Imagine a future without money. Your wallet will be thinner. ATMs will be without a purpose. And collecting change will no longer be a viable hobby. Is a cashless world a possibility within the next ten years? Well, 23% of Canadians think it will happen.

The surprising prediction was just one of the many interesting findings from a recent survey from the Canadian Bankers Association. Other findings included:

  • 55% of Canadians use the internet as their main form of banking
  • 31% have used mobile banking in the past year
  • 85% use ABMs to withdraw money instead of going to a bank teller

Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, says it’s clear that people are changing their banking habits –

“With the advent of technology, we are quickly becoming a 24/7 banking society,” says Schwartz. “We have access to our money at all times, no matter what the circumstances…for better or worse.”

But it is clear that Canadians are enjoying the newfound freedoms when it comes to personal banking. The survey found that saving time and banking convenience ranked high on what is important to people:

  • 90% said banking at a time that was convenient for them was important
  • 77% said they valued being able to bank from anywhere
  • 77% thought that banking innovations allow them to save time

So, with an eye looking forward, Consolidated Credit compiled a few tips for the modern personal banker –

Treat money like money – For some people, there’s a different mentality when dealing with physical cash versus using debit or credit cards. The mere act of handing over something tangible can make someone think twice about purchasing everything. Get over this habit by reminding yourself that ten dollars is ten dollars whether it’s in physical or digital form. Keep this in mind and you won’t have to worry about getting out of debt in the future.

Protect yourself – When you only carry cash, you are limiting how much can be stolen from you at one time. But in a world where a few keystrokes and a couple clicks of the mouse can access our entire financial lives, the risk is much greater. Limit your risk by choosing complicated passwords and by changing them frequently. Also, monitor your online banking and credit accounts regularly so you can catch any irregularities before they become a huge crime. Staying vigilant is one way to avoid debt brought on by a cyber criminal.

Use technology to your advantage – Trust us, technology has many benefits that can help you become more successful. You can use banking tools to automatically direct portions of your paycheques into your savings account or towards paying off your debts. Also, you can make sure that each of your bills is paid in full and on time by signing up for automatic withdrawals. This will help you avoid late fees and additional interest payments that can be an obstacle to your dream of living debt free.

If you want to learn more about making responsible financial decisions, check out Consolidated Credit’s free Personal Finance educational section. If you’re struggling with debt, call one of our trained counsellors today at 1-888-294-3130 for a free debt analysis.

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