The lure of cash stays strong

The average Australian carries $76 in cash in their purses or wallets over a week, according to new research released by NAB.

The report explores what role cash plays in the lives of Australian consumers today – how much we carry, why we still use it and how we typically pay for things across a range of price brackets.

NAB Head of Behavioural & Industry Economics, Dean Pearson, said how much we earn doesn’t appear to greatly influence how much cash we carry.

“People on incomes under $35,000 a year carry the least, but still around $70. Those on higher incomes above $100,000 carried $76. And, Australians earning between $75,000-100,000 a year carried $86, the most of any income group.”

Men carry more than women and young people (particularly women) much less than older people (particularly men). Men carried $84 while women just $68. Men over the age of 50 carried the most cash ($99) and women aged 18-29 the least ($54).

The most common reasons to carry cash were for small transactions and emergencies. Other commonly cited explanations include speed and convenience, habit or simply because some merchants only accept cash. But there were some notable differences by age.

How much cash do you usually carry in your wallet or purse? Do you still use cash for the majority of your purchases?

14 comments

I carry around $50 , but often withdraw a few hundred or a couple of grand to pay tradies who arent registered for GST and don't pay any income tax

Is someone interested in your crap?

..... typical nasty rude and uncalled for remark as usual!  Hope the Moderator cleans all yours up!!!  Every Topic you are disgustingly rude to someone!

Foxy  -  olbaid is a detestable dishonest human being who is posting under at least one other name as well.  That should result in the poster being blocked form comment 

It is HIS posts which should be removed.

A sponsor of the black economy no less. Watch those tradies as they had GST to their bills and are nto registered for GST. That's right they pocket an extra 10%. 

Helping them avoid tax olbaid

No Greg 

helping me get the job done at a good price 

I don’t avoid tax and don’t encourage others either 

The threshold for registration for GST is $75,000. Once your turnover reaches this threshold you must register. Until then, you are not required to register.

 

I get out $50 in cash at a time and use it mainly for parking.

Sure olbaid.  Another new name?

Hey olbird (Warrior), what's with all the cross dressing. Prefer the Eileen Dover look, LOL

I do like a bit of cash on hand. Depends on how much I can get off the wife.

None I use plastic for everything. If peoplel want cash I ask for their bank acocunt details and do a bank transfer tot heir account using my mobile phone. 

I usually withdraw cash for my food and spending money.  I have around $20 pfn left which goes into my 'little stash' for unforseen expenses (car, usually).

Always carry some cash. Plastic only for bigger buys. No way would I give out my account details anyway . specially to some people. So take the cash or go elsewhere.

 

I withdraw cash at the beginning of the month to cover groceries, petrol and discretionery spending and pay the bills electronically.  When travelling I use credit card for fuel and accommodation but prefer cash for most day to day expenditure.  Using cash is a good way to keep my spending in under control, when it runs out it is time to stop spending.

I still have a cheque book but only write one cheque a year or even less often than that.  I've noticed that some of the cheques I've written weren't even presented for payment. Perhaps the receiver didn't know what to do with it.  

If I have cash I spend it no cash then I only spend on what I need. 

I was using plastic for everything, but found it was just too easy to “flash the cash” without taking stock of every cent. Now I use the plastic for planned expenses in the budget. Then get out some “petty cash” for small expenses. It makes me think more about those small incidental expenses, and slow down that spending.

Like dealing in cash myself, most clubs I go to have a cash only policy, I know in the big smoke you can now swipe the card for a schooner of beer but that is not happening here. Barman refers you to the cash machine in the corner if you show him plastic. For meals and bigger expenses sometimes they will accept credit cards (Visa and Master only).

The only cash they do not want is $100 notes as they are not good for anything else but putting in a safe. I quite often change those notes for them; they are not good to give change at the bar, similar to supermarkets.

 

Save those $100 notes and exchange with with a mate for 98 cents to the $

Those people who put money away to avoid the asset threshold or who give you “discounts” for paying cash for jobs . Also drug dealers and money launderers 

I like to carry some cash for places that charge for using a C/C like Aldi -- which I rarely go to -- also for the odd fruit juice where the amount charged is quite small.   Also, some places don't have the facilities for a C/C

Sometimes if I shop with a friend I buy their groceries on my -- rewards --C/C and they pay me back by cash so I really don't have to go to the bank to get the cashout.

Then I save all the coins over time and that when the extra money goes into the bank

One question burns in my head - with a survey like that: who were the respondents? Most probably all electronically

done as usual. In my circle of friends hardly any one has PC access never mind own one. Most blokes take out $500 every time they go to the ATM and spend the money till it's gone and then they go again. People even take the money out of the machine just to go across the road to pay their rates in cash. Most people around me have never used the plastic card for anything else apart from taking cash out.

Tried to tell them to use it at the post office, the council as well as in the supermarkets but I was not successful so far but then we all are in our 70s and 80s. Wife showed me how to use a PC and I reckon I am half way OK. Do not want to do any banking though.

olbaid - I get about 70c to the dollar for them when I go overseas with them, a few years ago it was better. Do not know why but the exchange rate overseas, especially in Asia, bigger notes give you a much better rate. Maybe THEY want to launder them, do not know or care too much either. In some countries cash is still a lot stronger than here, could be that they do not trust their financial institutions too much, eh?

i take about   $50 out ,   to pay small bills like the chemist,   and when i go to the market,   they dont have machines for cards,   as only paying for potatoes,  fruit,   and go to different stalls,   just small amounts,      coles, safeway,  always swipe my card,   they are  bigger amounts,    but ALWAYS pay cash at ALDI,   as they have a surcharge when you pay by card,    and i begrudge giving them anything extra,  as there is NO service in the shop,      i hate the place,   and only go for one item,,   that i cant get at other shops,     keep your reciepts ,  and easy to keep a check on your money,   

 

 

... only "old" people carry cash!  Millennials don't!   They "Tap n Go" thru' life!   They are lucky to have $5 cash or a $1 coin for parking/shopping trolley etc.  (that's when they not sending out for Uber Eats - lol)

Ohhhh should have said "Baby Boomers" - not "old" - apologies!   wink wink     :-)

"Cash is King"   .............more bargaining power!!

might be KING foxy,    but earier to get bashed if you carry cash,    what you havent got,   they cant take,   [should be EASIER,   [sorry,   

 

 

How do they know you carry cash?   Get skimmed easier at an ATM  lol lol ....

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