Cash is becoming less accessible and Age Concern New Zealand strongly believes it needs to be available to all people, including older people and low income earners. We are hearing older people are very concerned that some banks are not dealing with cash anymore. This comes on top of many other banking changes such as bank and ATM closures, the withdrawal of cheques, and the earlier closure of post offices.
We are already seeing the harm for older people, as well as others, resulting from increased difficulty accessing cash. The changes are happening at a rapid pace, people are already encountering retailers who will not accept cash for purchases. Not all older New Zealanders are confident and able to use online services. Removing cash or reducing access to cash, along with the removal of cheques, is a barrier for some seniors. Cyber-attacks and scams are becoming increasingly common, the availability of cash if banking systems go down, even temporarily, is crucial.
We really appreciate the Reserve Bank’s initiative with these discussions, about a commodity that must remain accessible to all New Zealanders.