Get ASX Price
Hot Issues
Market Update - September 2019
Will the world slip up on oil again?
Australia by the numbers - September 2019
Spending money in a cashless world
Dealing with being cash poor and asset rich
Saving for a rainy day
Market update
Access to more resources and tools than most websites.
Nine reasons why recession remains unlikely in Australia
Can I go back to work if I’ve accessed my super?
How's Australia doing statistically?
Protecting your super package.
Making the most of record-low interest rates.
Market Update 2019
How the top 10 global companies have changes since 1998
The longest US economic expansion ever
When can I access my super
Australia by numbers – Update
How to retire early
How to play catch up with your Super
Inflation undershoots in Australia
9 money mistakes to avoid in retirement
What a financial planner does to help.
Australia's vital statistics.
What kind of money parent are you?
How to save money
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
New Global growth slowing, plunging bond yields & inverted yield curves
Women and Money
Market Update - March 2019
The problem with getting to 53 years of age.
How to avoid a travel debt hangover
Things to avoid as a newbie investor
Budget Time - How's Australia going?
Most older Aussies prefer home care over a nursing home
Why growth in China is unlikely to slow too far
10 money conversations to have when your relationship heats up
Australia slides into a 'per capita recession'
6 steps to get your money stuff together
All you need to know about how Australia is going.
Australian housing downturn Q&A
6 ways to reduce your credit card debt once and for all
5 life insurance questions you've always wanted to ask
2019 a list of lists - regarding the macro investment outlook
Part 4 - The major benefit of ‘behavioural coaching'
How to adult—a quick guide to personal finances in your 20s
How Australia is performing.
The Australian economy in 2019
Holiday budgeting tips— How to avoid a travel debt hangover
Australia - a comprehensive run-down of our vital statistics.
The Fed and market turmoil - the Fed turns a bit dovish but not enough (yet)
12 ways to avoid waste this Christmas
Rising US interest rates, trade wars, the US midterm election results, etc
Our Advent calendar for 2018
Responsible and ethical investing
What are the 3 biggest living expenses for households?
Your Adviser and Behavioural Coaching
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Information needed to be the BBQ expert.
Would you like to retire by 40?
The property cycle and the economy
How financial advice helps create wealth.
7 money personalities you may identify with or want to avoid
Are shares expensive?
How's Australia doing statistically?
Super investment options – what’s right for you?
Here's how to lead a happier life
What happened to all the worries about rising inflation and bond yields? Goldilocks, tariffs, Turkey & other things
Is it better to buy an investment property or home first?
Nine keys to successful investing
This information will turn you into a fireside expert.
How Australians will use their tax return
Lessons from the blue zones: secrets of a long life
Trumponomics and investment markets
Tools for budgeting, cash flow, Super and more ….
How tax deductible personal super contributions work
How much super should I have at my age?
The rise of the gig economy and side gigs (thanks to technology)
Statistics for all Australians
Watch out for tax scams
Now’s the time for tax planning
After the Australian household debt and east coast housing booms
Why it pays to contribute to your partner's super
Australia by numbers – Update
How to deal with financial stress – nearly 1 in 3 affected
Federal Budget 2018 – Overview
Your Budget
4 components of our 2018 Federal Budget
US China trade war fears – Q & A
Tools to help you manage your financial position are available on our site.
7 ways to boost your super
Australians reveal their priority goals
Australia by numbers – Update
Your retirement questions answered
How to make money by turning your unwanted goods into cash
Our website is really our digital office.
Bitcoin – is it really for you?
Spread your money, reduce risk
Love and money? It’s not about control
The pullback in shares - seven reasons not to be too concerned
Australia. All you need to know to be the expert.
Australian’s love affair with debt - how big is the risk?
5 ways to keep a cool head in a falling share market
2018 – a list of lists regarding the macro investment outlook
Sports lovers enjoy better financial fitness
Where Australia is at. Our leading indicators.
The year that was and the year ahead
Add some extra cash to your New Year
New year, new financial resolutions
Our Advent calendar for 2017
Where are we in the global investment cycle?
Australia's vital statistics
12 ways to enjoy summer without spending a fortune
One in three Aussies travel without protection
Digital payment options could see you spend more this Christmas
If you’ve always thought property prices only go up…
Will Australian house prices crash?
Where are we in the global investment cycle and what's the risk of a 1987 style crash?
Money steps for women
Resources on our site to help you, your family and your friends.
Australian Dietary Guidelines and healthy eating chart (PDF)
How to retire, your way
Prepare for retirement without missing out today
Be the boss of your cash
The Australian economy bounces back again
Should you lend money to family?
Money mistakes people make in their 50s and 60s
Australian Dietary Guidelines and healthy eating chart (PDF)
Eight steps to improved cashflow... and lifestyle
Powerful Budgeting, cash flow and Super Tools available on our site.
5 ways Australians will use their tax return this year
Australia's leading causes of death - ABS
The threat of war with North Korea
Six traits of Australians living the dream
The break higher in the Australian dollar is likely to be limited
Money can buy you happiness, you’re just spending it wrong
Key Economic Indicators, 2017 – updated
Helping your kids buy a home
From Goldilocks to taper tantrum 2.0
What’s your debt age?
Doing a budget is a good idea but ....
Planning is the key to making it financially
What to do when you come into money
Managing your money when you move in together
Reduce your bills with these household items
It pays to contribute to your partner's super
How to cope with losing independence
Transition to retirement income streams
The Australian economy hits another rough patch
Watch out for tax scams
The three core pillars of this year's budget
Federal Budget - 2017-18 - Overview
Federal Budget - 2017-18 - Budget documents
Make the most of the current super caps
Five, four, three… it’s not too late to get more in super
Super changes are coming
What’s your debt age?
Australian cash rate on hold
Super changes this financial year - Dr Shane Oliver - video
The door is closing on super’s current caps
Is Donald Trump's honeymoon with investors over?
Estate planning and why you need a super plan
What does a comfortable retirement look like?
Give your career a health check
Super changes from July 2017
Changes to the Age Pension assets test
Keep your money safe over the silly season
Looking ahead at 2017
Review of 2016, outlook for 2017 - looking better despite the political noise
Merry Christmas for 2016, a Happy New Year and a prosperous 2017.
54.2 million worries
Five tips for happy healthy ageing
Thinking about managing your own super?
Sending more to the tax office than you should?
Government pulls back on proposed changes to super
Market Update - What to consider when investing in a low return world
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Oliver's Insight - Megatrends
Value of Advice
A growing family doesn't have to blow the budget
Blinded by optimism
Thinking about managing your own super?
The investment outlook - it's not all that bad!
What’s your biggest obstacle to financial success?
Ageing Parents
Should you own the roof over your head?
Be a senior entrepreneur on your own terms!
Brexit and other key developments
Brexit wins
Commentary on major issues - AMP
Five money habits for a happy financial year
Are grandparents giving too much?
Remember to factor in parental subsidies at tax time
2016-17 Federal Budget - AMP
2016 Budget in detail
How (and why) to talk to your adult children about insurance
Procrastination: Just do it. Eventually.
Why Australian property won't collapse
The Lucky Country holding up pretty well
Have we reached the bottom?
The evolution of the Chinese consumer
Retirement rolls around faster than you think
Pressed for time?
Changes to the Age Pension assets test
Women are building financial intelligence
Heirlooms no more
Initial market falls precede stronger returns - Shane Oliver
What exactly is income protection insurance and do I need it?
A rough start to the year, which could have further to go
Aged Care - Changes to Assessment of Rental Income
A bump in the road, then a new start
New year, new start – are you ready for retirement?
Review of 2015, outlook for 2016 - Dr Shane Oliver
We wish you a Merry Christmas for 2015 and a Happy New Year
Go easy on the plastic over Christmas
Resolutions for a wealthy future
The Australian dollar doing what it normally does - overshoot. Dr Shane Oliver
How to manage volatility in a low return world
The Australian economy - more help will be needed. Dr Shane Oliver
Insurance through my super
Four tactics to build an investment portfolio
The demand for global infrastructure
Help achieve your investment goals with dynamic asset allocation
The Power of Budgeting
Jump retirement hurdles with a coach
Preparing for the time of your life
A Super Loan for all reasons
Making a smooth transition
Australian Government - Budget 2015
Budget 2015 - some professional opinions
Achieving a comfortable retirement
Is off-the-plan on the money?
Should I take my super as a lump sum or not?
Do you have a key person in your business?
Tips for success in a competitive job market
All you need to know about buying at auction
To sell or not to sell?
Saving in a material world
Spending money in a cashless world

How the move to electronic payments could be making it easier to spend…and what to do about it. 



It’s Thursday morning and almost the end of the working week. You’re walking to the train station and you realise you’ve forgotten to top up your public transport card. No matter…a few clicks later and you’ve transferred $50 over.

At the station you grab a takeaway flat white before the train arrives…tap and go, too easy. At lunchtime you jump online and scroll through your newsfeed. Wow, there’s a pretty good one-day special from your local department store. You end up buying a new pair of pants, a replacement for your old wok and a couple of books.

After work you’ve got a few drinks organised with colleagues before heading home. When it’s your round you tap to pay with your smartphone. That night there’s nothing on TV. A few clicks from the comfort of your couch later and you’re settled in to watch a new movie you’ve downloaded.

Over the day you’ve spent close to $400 without touching a coin or banknote. It’s so effortless online, and the ease of tapping your card or phone at the supermarket or café beats the hassle of carrying coins and notes hands down. Plus with every transaction recorded it makes it easier to track your spending, budgeting and investments. What’s not to like?

Winners and losers

Cash payments in Australia are declining rapidly. Cash accounted for just 10% of all payments in 2017 and by 2022 this will fall to 2%. For all intents and purposes, Australia will be a virtually cashless society.i

It’s a trend that certainly has government backing. From an official perspective the notes and coins we were happily using for centuries have a lot to answer for. Banknotes and coins cost money to produce, they help to facilitate criminal transactions and they make it easier to avoid paying tax.

So the move to a cashless society dominated by electronic transactions, contactless payments and tap-and-go smartphones can only be a good thing for everyone, right?

Not necessarily. Like any technological development, there are winners and losers. In a cashless society the poor and elderly can find it difficult to access funds and pay for essential services.

Recent research in the UK highlights how much cash is still relied upon by older and poorer citizens. While only 4% of adults rely on cash, that includes some of the most vulnerable members of society. When you look at people who rely on cash day in day out, 39% are aged 65 or over and 62% have an income of less than 9,000 pounds (around $16,170).ii

How cashless impacts your spending

In the dash to cash we could be in danger of leaving more vulnerable sections of society behind. And the concerns about a cashless society don’t end there.

  • What implications are there for privacy when every transaction can be logged and monitored?
  • What protections are there against hacking and cybercrime in our electronic world?
  • What backup plan is in place if the technology fails during an outage?

But one of the major concerns about going cashless is how easy it makes it to spend money online or with the touch of a card or smartphone.

And you don’t even have to pay for the goods upfront, with AfterPay letting you order online and receive your goods before deciding whether you want them.

Managing our spending has got a whole lot more complex without the tangible reminder of dollar notes and coins in our wallets and purses.

And what about the next generation? It can be difficult to teach kids about money when they see us paying for goods so effortlessly without handing over any cash. Are they equating swiping a card with paying a physical dollar?

5 tips to control your spending in an electronic world

  1. Try going out without your credit card to remove temptation—you can still pay for essentials, but you’ll need to use notes and coins.
  2. Think about moving from a credit card to a debit card so that you’re not spending money you don’t have—even if it is tap and go.
  3. Teach your kids about money by giving them a list of things to buy with a specific amount of cash—if they run out, they’ll need to adjust their budget rather than access easy credit.
  4. Embrace the online advantages of monitoring your spending by using a budgeting applike AMP’s Budget Planner Calculator.
  5. Ringfence some of your income from temptation by setting up an automatic transfer to a higher interest savings account.

The digital revolution is no different to past innovations in its capacity for good and bad. While your smartphone certainly makes it easier to rack up a pretty big bill without too much trouble, it also makes it easier to track your spending and set up a budget.

As the move to a cashless society changes our money habits, our challenge is to harness the power of the new technology to make a positive difference to the way we spend and the way we save.


i, The humble cheque to be extinct by 2019, 1 February 2018.

ii RSA Action and Research Centre, Cashing out: The hidden costs and consequences of moving to a cashless society, January 2019

©AMP Life Limited. First published August 2019

Hawthorn Financial Planning Pty Ltd ABN 47 011 910 918
Corporate Authorised Representative
Charter Financial Planning Limited ABN 35 002 976 294
Australian Financial Services Licensee Licence number 234665
Registered address Level 24, 33 Alfred Street Sydney NSW 2000
Legal Disclaimer | Privacy Policy

Hawthorn Financial Planning 67 King William Road UNLEY SA 5061 Ph: (08) 8339 7973