Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2016
10

A grown-up view on a cashless society

Open-access content Monday 3rd October 2016 — updated 5.50pm, Wednesday 29th April 2020

I was fascinated by the juxtaposition of the articles ‘A Cashless Society’)

I was fascinated by the juxtaposition of the articles 'A cashless society' (bit.ly/2cZN3Fb) and the president "highlighting the important issue of intergenerational fairness"  (bit.ly/2cQTCJu) on pages five and seven of the recent August issue of The Actuary.

As a qualified Fellow of 55 years' standing, and a past honorary treasurer of the Institute (some 30 years ago!) notwithstanding my current octogenarian age, I believe I still have a high degree of financial understanding and comprehension - even though the financial scene of today is vastly different to that of 60 years ago when I enrolled as a student.

I regard myself as reasonably computer literate and do virtually all my banking online. Nevertheless, my wife and I between us need to regularly draw out about £400 a month in cash, not least because many of the voluntary groups, clubs and services for the elderly/pensioners - particularly in village communities - still operate in a mainly cash basis. This is because it is too expensive to purchase the necessary hardware to operate a truly cashless society, quite apart from finding voluntary staff able to operate it.

It may be recollected that, a few years ago, several banks threatened to withdraw cheques as a money transfer facility, but they had to reverse this in the face of opposition - opposition that is likely to arise again against the suggestion of a cashless society.

While I appreciate Ian Collier's lines of argument, when he has 'grown up,' that is, having been retired for 15 years or more, even if not an octogenarian, it seems to me likely that he will have changed his viewpoint! However, his suggestion of an IFoA working party is one that commends itself, provided there are a number of 'grown up' members on it to give it intergenerational fairness!


Peter Downing

8 August


This article appeared in our October 2016 issue of The Actuary.
Click here to view this issue
Filed in
10

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Catastrophe Modelling Analyst - London Market Broker

London, England
£40000 - £50000 per annum
Reference
145925

Senior Catastrophe Analyst

England, London
£65000 - £75000 per annum
Reference
145924

Life Actuary - Financial Reporting - Day Rate contract

Negotiable
Reference
145923
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ