Australia is heading towards becoming a cashless society, and while it might be more convenient for some, there’s an unexpected downside for your finances.
Video transcript
Australia is heading towards becoming a cashless society, and while it might be more convenient for some, there’s an unexpected downside for your finances.
Researchers have analysed more than four decades of evidence to see how the payment method you use impacts your spending habits with the conclusion being if you wanna save money, pay in cash, report author Alex Belly told Yahoo Finance.
This was because of a phenomenon known as the cashless effect, which traces back to the 19 seventies.
Belly said.
The cashless effect is the phenomenon of spending more money but also buying more products when paying by cashless methods.
In comparison to cash, it’s theorised.
People spend more money with cashless payments because it…
