Community News
What do you mean you don’t want my cash? The emergence of cash shaming
BY SIMONE J. SMITH
“Cash not accepted.”
“Debit or credit only.”
Interesting! We have all been told that money is one of the dirtiest items on planet earth, and COVID-19 has heightened fears that as cash changes hand, it becomes a transporter of germs and viruses.
It is why when you pull up to a Tim Horton’s, or visit a Wine Shop in a Metro Grocery Store, you will see a printed sign letting you know in advance that they will not be accepting your cash. The only issue with this is that eliminating the use of cash has punitive effects on our most vulnerable communities. Homeless people looking for spare change to buy food, elderly people who are uncomfortable with technology, and what about people who don’t have credit, or debit.
Cards have proven to be convenient, especially during this time, but there are those who prefer how cash protects their privacy and helps them manage their debt level. Sometimes we will be swiping away, not realizing how much each sweep is placing us deeper and deeper in debt.
It cannot be denied; cash is a vital part of our economy.
This misinformation was challenged when the Canadian Association of Secured Transportation (CAST) issued a letter addressing people’s fears around the use of cash. They questioned; is cash really worse than your debit or credit card? They turned to science for some answers.
LendEDU, a company that helps consumers learn about financial products, used a scientific device that tested for bacteria on a given surface to examine just how dirty credit/debit cards and cash were. They ran tests on the front and back of 41 different debit and credit cards, 27 different bills, and 12 different coins. They calculated the average germ score for each payment method. Are you ready for these results?
Debit/credit cards turned out to be the dirtiest payment method. Yes! You heard it right.
The study showed that the average germ score for credit/debit cards was 285 vs. the average germ score for cash/coins at 148 (almost 2x higher for cards compared to cash). When you really think about it; how many surfaces do your cards touch as they wait on tables, bars or counter-tops to be picked up and swiped. In fact, the average score for plastic cards was worse than the score registered for the bathroom at New York City’s Penn Station, which used to see more than 650,000 people on an average workday (https://lendedu.com/blog/dirty-money-credit-cards/)!
In a statement given to the Bank of Canada, Dr. Isaac Bogoch (an infectious diseases physician and scientist with the Toronto General Hospital Research Institute), stated “There are many individuals who, for a variety of reasons, do not have access to credit or debit cards and must pay with coins and bills. We know that SARS-CoV-2 (COVID-19) can stick to surfaces for a few hours to a few days, and this may include hard currency. Still, we can find ways to ensure that all Canadians have access to essential goods and services, even if they are using cash. Risk can be mitigated in retail settings using a variety of methods, including ensuring access to hand hygiene for all employees.”
(https://www.bankofcanada.ca/2020/04/bank-canada-asks-retailers-continue-accepting-cash/)
The Bank of Canada is encouraging Canadians to use the method of payment that they are the most comfortable with. Being a bank, they strongly encourage that retailers continue to accept cash to ensure that all Canadian have access to the goods and services they need. We have to be empathetic to the undue burden on those who depend on cash and have limited payment options.
So, let’s deal with the germ anxiety by providing some solutions:
- To take additional safety precautions, Canadians have the option of cleaning their polymer bank notes with a bit of soap and water. Polymer is resistant to moisture.
- Keep your cards clean by wiping and disinfecting them as often as possible.
- Of course, old age advice is to make sure you wash your hands regularly throughout the day, and particularly before and after eating, as well as when you touch money.
Dirty money is a stigma that holds true in songs, not in our economy. We have to put a stop to the practice of cash-shaming. It is hard, but we have to stop buying into the fear, and instead get informed.
Resources
Bank of Canada
https://www.bankofcanada.ca/2020/04/bank-canada-asks-retailers-continue-accepting-cash/
Canadian Association of Secured Transportation
www.cast-acts.c