Cash is set to remain in Australia because it serves as an essential, offline backup during digital system outages, ensuring payment continuity in emergencies. Furthermore, mandatory government requirements, starting in 2026, will force large retailers to accept cash for essential goods like fuel and food. Cash also guarantees privacy, supports vulnerable populations lacking digital access, and remains popular for small, everyday transactions.
Cash advocates have been angry about the declining number of bank branches and ATMs, while many Australians have protested the move with cash out days. Some finance experts believe Australia is on track to become a cashless society within five years.
Sweden has officially become the first country in the world to go completely cashless. Almost every shop, café, and public transport system in Sweden now accepts only digital payments like cards or mobile apps. The popular app “Swish,” launched in 2012, is used by millions of Swedes to send and receive money instantly.
Cashless might be convenient — but cash isn't going anywhere 💵 From Jan 2026, major supermarkets and servos must accept cash for essential purchases up to $500.
BREAKING: Australia Banning Cash Withdrawals Over $1,000 Starting 2026
Which country is closest to cashless?
The countries closest to going cashless
Hong Kong. Hong Kong is quickly heading towards a cashless society, with initial predictions even suggesting that 2025 could be the year that the country goes fully cash-free. ...
Sweden. Sweden is one of the countries at the forefront of the cashless movement. ...
Are people struggling financially in Australia in 2025?
The latest data from Equifax reveals Australians demonstrated strong financial resilience in 2025, amid an ongoing cost-of-living crisis, the national average credit score remained in the 'Excellent' range at 864 (out of a possible 1200), lifting by three points from the 2024 average of 861.
Today, the country is once again leading a financial revolution — this time by nearly eliminating cash altogether. According to the Swedish central bank, only 8% of the population used cash in 2022, and the amount of physical currency in circulation has dropped by half since 2007.
The 70% money rule, often part of the 70/20/10 budget rule, is a simple budgeting guideline that suggests allocating your after-tax income into three main categories: 70% for essential living expenses (needs like rent, groceries, bills), 20% for savings and investments, and 10% for debt repayment or financial goals (wants/future goals). It provides a clear framework for controlling spending, building wealth, and managing debt, though percentages can be adjusted for individual financial situations.
Although it seems as though digital payment systems are slowly replacing cash in everyday life, cash will by no means disappear by 2025. Very few people leave the house without any cash in their wallets. Whether it's for parking meters, change, or tips, you never know when you might need it.
Across the world – from China to India to much of Europe – cash is being eliminated from financial transactions through the expansion of bank cards and digitised systems (QR codes, mobile payment services). This shift towards a cashless economy is no longer just an economic issue, but a human rights one too.
The risk of other crimes such as identity theft, account takeovers, and fraudulent transactions will also increase when digital payments become the only option. Many banks are also relying on outdated infrastructure with decades-old IT systems increasing the risk of glitches, crashes, and mistakes.
Around the world, cards and apps are the default way to pay – but nowhere is the transition away from cash more obvious than in Sweden. The Bank of Sweden notes that the amount of cash in circulation in the country has halved since 2007.
The RBA has lowered its estimates of Australia's annual economic growth potential to just 2 per cent. The budget faces a projected decade of deficits, even without an increase in defence spending.
The use of cash for everyday payments has declined markedly in Australia in recent decades. The RBA's most recent triennial Consumer Payments Survey (CPS) found that the share of consumer payments made in cash had fallen from around 70 per cent by number in 2007 to 13 per cent in 2022.
What Does Australian Law Say About Refusing Cash? Australian banknotes and coins are “legal tender”, but that doesn't mean every business must accept cash for every transaction. In most day‑to‑day sales, you can set your own payment methods – as long as you tell customers clearly before they buy.
Summary. While retiring on $400,000 is possible, you may need to adjust your lifestyle expectations if this is your final retirement amount. If you want to grow your savings before retirement, there are a number of expert-recommended ways to boost your bank balance.
3 months if your income is stable and you have a financial safety net. 6 months as a general rule, if you have children or large financial obligations, such as mortgages. 9 months if you're self-employed or have an irregular income stream.
The future value of $10,000 after 20 years varies significantly, ranging from losing purchasing power due to inflation (e.g., around $5,000-$7,000 in today's terms at 3-4% inflation) to potentially growing to tens of thousands or more through investments, depending on the annual growth rate (e.g., 7-10% annual return could yield $38,000 - $67,000).
While paying over €10,000 to a business could be illegal from 2027, Europeans can still hold as much cash as they wish and use it in daily transactions. Posts have also claimed that the EU's new anti-money-laundering laws will require identification for all crypto transactions.
The UK is rapidly moving towards being a low-cash, but not fully cashless, society, with digital payments dominating, yet cash remains crucial for millions, especially vulnerable groups, leading to government efforts to protect access via legislation, banking hubs, and ATMs, even as some businesses go card-only and digital ID plans emerge. While cash use has plummeted (less than 10% of payments in 2024/25), the Bank of England and officials stress that a completely cashless system isn't feasible or desirable yet, focusing on maintaining choice and access for everyone, including the elderly and low-income individuals.
Some say it will be the euro; others, perhaps the Japanese yen or China's renminbi. And some call for a new world reserve currency, possibly based on the IMF's Special Drawing Right or SDR, a reserve asset. None of these candidates, however, is without flaws.
Comparatively, taxpayers earning a total income of just over $180,000 a year are considered to be in the top five per cent of earners in Australia, according to ATO figures recently analysed by the Grattan Institute. Those with a gross yearly income of $375,378 or more are in the top one per cent of taxpayers.
