I’ve been reading a lot of stories about digital money (think Bitcoin) lately. And I think that they do have the ability to be transformative for the unbanked.
But I also recently tried to take my very responsible teenager to my bank, to get her a debit card that could be refilled from my account, to start teaching her about how to manage money. And they told me she couldn’t have one, because she isn’t 17 yet.
Everytime someone tells me, “I never carry cash,” or writes an article about how great their cash-free life is, I think “you must not have children.”
I’ll believe we have a cash free economy when I can stop handing out cash to pay for French Club t-shirts, pretzels from the school cafeteria, a soda from Wawa on the way home from school, and everything else that kids need that they can’t buy, because they can’t have plastic or digital money.