Post-COVID Society Might Be Cashless —Older Americans May Not Be Ready

July 31, 2020

There’s a possibility that society may go cashless in an effort to stem COVID-19, as some experts believe the virus may linger on paper money. There’s just one hitch to converting to a cashless society, according to Plamen Nikolov, an assistant professor of economics at Binghamton University — and that’s senior citizens who may not be tech-savvy enough to manage electronic transactions.

Currently, only about 1 in 3 Americans under age 50 doesn’t use cash in a typical week, but for those who are older, than number diminishes to 1 in 5. Resistance to a cashless world, plus lack of knowledge on how to use mobile forms of payment may also impact the types of expenditures older Americans make in a cashless society, Nikolov said.

SOURCE: Binghamton University July 22, 2020

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