I was disappointed at the All change for small change article in Octobers magazine.
I was disappointed at the All change for small change article in October's magazine. It was a good and well presented article, apart from two comments: the first couple of lines of the second column is unrealistic. Whilst it might be fair to say "a cash-free society is on the horizon, rather than being around the corner", the phasing out of cash would disadvantage a significant proportion of the elderly population of the country - and would seem to be politically impracticable in the near future.
As an ex-Hon. Treasurer of the Institute (1984-1986) and former finance director of a UK international reinsurance group with overseas subsidiaries, I have had a lot of experience of finance and money matters in multiple currencies - including online sterling banking, which my wife and I still use extensively.
However, since downsizing 12 years ago and moving to a smallish village of about 2,000 residents, many of whom are elderly pensioners, my wife and I still have to draw out about £400 cash a month. We now have no bank in the village (the nearest is about six miles away), and although the local Post Office provides a range of financial services, a lot of the local facilities still rely on cash settlements - for example the older persons' weekly lunch club, which charges £4, and various other organisations and clubs for the elderly, including some local bridge clubs.
Peter Downing
22 October 2018
