Cash contributes to education

Imagine a week without cards or apps—only cash. Would you spend less, think harder, or just get frustrated? A Guardian journalist did just that, revealing valuable insights about how cash shapes our spending, emotions, and financial health.

Nearly 1 in 4 women in France experience economic violence from their partners, often as an initial form of abuse. 28% of women in a relationship lack a personal bank account. 72% of women suffering economic violence also endure verbal or physical abuse, illustrating the interconnected nature of these violences. Cash remains a critical resource enabling women to escape abusive relationships when digital finances are controlled or monitored. Cash accessibility must be preserved to ensure immediate autonomy.

Despite predictions of a cashless society, cash remains vital across all age groups. New ECB research reveals older adults prefer cash for transactions, but young adults pay with cash at roughly the average rate and keep cash reserves. The perceived importance of cash is rising for all!

Reducing child marriage is part of the United Nations Sustainable Development Goals. Giving cash to low-income families in Indonesia cut child marriage rates among rural girls by 3.5 points. A major government program shows poverty reduction policies can have powerful ripple effects beyond just income.

In a new book 'The Power of Cash,'Jay Zagorky highlights the benefits of cash, from privacy to national security. To ensure future demand, we must expose children to cash early. Advocacy groups should focus on educating youth through classroom activities and contests.

Cash remains vital in Germany despite declining usage. A Bundesbank study reveals its importance for reliability, inclusion, and education. While digital payments rise, cash's unique benefits ensure its continued relevance.

Beyond technicalities, cash serves as a unifying force in society that should not be underestimated.

Banknotes and coins help shape our national identity. The images they display emphasise historical events, prominent personalities, or scientific, industrial and technological advances. Sometimes they highlight biodiversity, including distinctive plants and wildlife.

Banknote communications have developed rapidly over the last few decades and best practices have been evolving.A fully fledged banknote information campaign requires extensive resources, and central banks therefore use partnership programs to spread their messages.

The media often overlooks the downsides of digital money services. A powerful narrative that exaggerates the benefits and conceals the downsides supports the growth of fintech in Africa.

The Slovakian Parliament adopted a law which will make the right to pay in cash part of the constitution.

The CashTech Innovation Awards aim to recognise innovations that facilitate access to and acceptance of cash and improve the cash cycle's overall efficiency. Submissions are open until 31 September 2023.