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!