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Should We Become a Cashless Society?
Julie Starr • November 10, 2020
Over the past century, technology has revolutionized the way we pay for goods and services. From painstakingly counting out coins by the checkout in order to purchase a pint of milk, to buying a brand new Mercedes with a single tap of a thin piece of plastic on a
card reader
.
American consumers now use cash in only 26% of purchases , and this figure is falling every year. There are many more convenient ways to pay for things, and the act of carrying cash around now seems archaic and outdated. Contactless debit cards and mobile apps allow us to pay for items without a second thought while keeping our money and personal data secure at the same time.
Only a few years ago, services like vending machines and taxicabs required you to pay with cash, but now it’s more difficult to find one that will accept your dirty pennies. It’s clear that we are rapidly moving away from a reliance on physical currency, but will we ever become a truly cashless society?
There are several implications of a cashless society, only some of which are positive. To determine whether it is a good idea to become completely cashless, it is worthwhile to delve into the pros and cons.
The pros of a cashless society
- It’s cheaper: Manufacturing and distributing cash costs the US government $877.2 million each year . And it’s the taxpayer who ends up bearing the weight of this cost.
- It is sustainable: Getting rid of cash means fewer resources wasted on the production and distribution of currency.
- It reduces crime: Cash is untraceable, making it easier for people to engage in tax avoidance scams and accept cash in hand payments. As a result, a great deal of tax revenue is lost. When all money is digital, every transaction can be traced, thus reducing financial crime. Businesses will no longer store cash on-site, which will undoubtedly lead to a reduction in robberies and burglaries.
- It is more convenient: Paying for goods and services digitally is considerably quicker and more efficient than dealing with cash. Consumers no longer have to carry around notes and coins wherever they go, and queuing times will be dramatically reduced.
- It is cleaner: In light of the coronavirus pandemic, it has become apparent that handling and exchanging cash is unhygienic and can transmit germs. Going cashless will eliminate health risks.
- It is more secure (in some ways): Stolen cash is gone forever, but it is easy to trace digital transactions and get your money back if you have been a victim of online fraud.
The cons of a cashless society
- It can lead to bad spending habits: When you can make expensive purchases with a single click, people may become less aware of their cash flow and compulsive spending habits.
- It is less social: Paying with cash requires interaction with cashiers and retail staff. Digital finance removes the social side of payment and leaves a simple, emotionless transaction.
- It is LESS secure (in some ways): Digital payment makes us more vulnerable to technical failures, online hackers, and cyberattacks.
- It is threatening the high-street: Digital payment has led to a rise in online shopping, which threatens physical stores and forces them to close down.
Although it will lead to a much more sustainable and reliable form of currency, going cashless will present a few risks that must be managed if we are to completely abandon physical money.
A shifting political landscape can create uncertainty for businesses committed to sustainability, but one thing remains clear: the need for transparency and strategic communication has never been greater. As the federal government moves to roll back environmental and social policies, companies must proactively define their sustainability strategies, ensuring stakeholders—employees, customers, investors, and partners—understand their commitments and the business value they create. The Power of Clear Communication Sustainability is not a trend; it’s an imperative driven by economic, environmental, and social realities. Despite policy shifts, the forces of market demand, global regulation, and risk mitigation continue to push companies forward. To maintain momentum, organizations should : Clarify Their Sustainability Position: Companies must articulate their approach in ways that resonate with stakeholders. Whether reducing emissions, improving supply chain resilience, or advancing diversity, equity, and inclusion (DEI) efforts, leaders should communicate clearly how these strategies align with long-term business success. Leverage Data-Driven Insights: In an era of skepticism, relying on factual, measurable sustainability outcomes strengthens credibility. Stakeholders need more than broad commitments—they need clear, quantifiable impacts. Maintain Focus on Global Markets: While federal policies may change, international regulations and customer expectations continue to favor sustainable business models. Companies operating across borders must ensure their sustainability strategies align with evolving global standards. Staying the Course in a Changing Environment While some companies may feel pressure to scale back sustainability efforts in response to shifting political winds, leading organizations recognize that progress is a long-term game. Now is not the time to retreat but to double down on: Resilient Supply Chains: With new tariffs and policy changes affecting imports, companies should evaluate how sustainability-driven supply chain diversification can reduce risk and enhance efficiency. Operational Decarbonization: The financial and strategic benefits of decarbonization—from renewable energy investments to energy-efficient operations—remain strong, independent of policy shifts. Workforce and Customer Engagement: Employees and consumers increasingly expect businesses to uphold their values. Companies that maintain commitments to social responsibility and environmental impact will strengthen brand loyalty and attract top talent. Sustainability leadership is about more than responding to regulatory shifts—it’s about defining the future. Companies that stay the course, communicate effectively, and align their sustainability strategies with business objectives will be the ones that thrive in the years ahead.
I n a world increasingly affected by environmental change, it’s critical to recognize the everyday impacts of air pollution beyond the commonly cited respiratory and cardiovascular risks. A recent study, published in Nature Communications , reveals that even short-term exposure to air pollution can impair cognitive function, affecting focus, emotional recognition, and task performance. This groundbreaking research underscores the urgent need for effective climate communication and stakeholder engagement to address air quality issues. At Taiga Company, we specialize in climate-focused stakeholder engagement, helping organizations bridge the gap between scientific findings and actionable change. Our services provide a crucial platform for educating stakeholders—including businesses, policymakers, and communities—on the dangers of air pollution and the strategic steps needed to mitigate its effects. The Link Between Air Quality and Cognitive Function The study found that exposure to high concentrations of particulate matter, even for just an hour, reduced participants' ability to maintain focus, process emotions accurately, and avoid distractions. Such cognitive impairments can have profound implications in workplace productivity, education, and public safety. For instance, employees working in environments with poor air quality may experience diminished concentration, leading to decreased efficiency and increased errors. Similarly, students exposed to air pollution may struggle with academic performance due to impaired attention and emotional regulation. These insights reinforce the idea that air pollution is not just an environmental concern but a societal and economic one, requiring a holistic approach to policy, corporate responsibility, and community engagement. The Role of Climate Messaging in Air Quality Awareness Despite overwhelming scientific evidence, public awareness of air pollution’s cognitive and behavioral impacts remains limited. This is where strategic climate messaging becomes essential. Effective communication can: Translate complex scientific research into accessible, actionable insights for diverse audiences. Drive policy advocacy by equipping decision-makers with data-backed arguments for stricter air quality regulations. Encourage behavioral change among businesses and individuals by highlighting solutions, such as cleaner transportation, sustainable energy sources, and indoor air quality improvements. However, simply disseminating information is not enough. Stakeholder engagement ensures that communities, businesses, and policymakers are not just informed but also motivated and equipped to take action. Moving Forward: A Collective Responsibility The study’s findings make one thing clear: air pollution is not just an environmental issue—it’s a cognitive and social issue with wide-reaching consequences. As we navigate an increasingly complex climate landscape, it’s crucial to integrate air quality concerns into broader discussions on sustainability, health, and productivity. At Taiga Company, we believe that effective stakeholder engagement is the key to transforming awareness into action. By educating businesses, policymakers, and communities, we can drive the changes necessary to create a healthier, more sustainable future for all. To learn more about how Taiga Company can help your organization develop impactful climate communication and stakeholder engagement strategies, contact us today.