The United States Mint Director is calling for people to spend their change as country is hit by coin shortage. Michael George reports. – Oct 3, 2021, Courtesy CBS News
CBS News’ Michael George recently interviewed Jay Zagorsky, Senior Lecturer in the Department of Markets, Public Policy, and Law, on the coin shortage caused by Americans going cashless.
“Most of us have credit cards, most of us have debit cards, but somewhere around 7% of U.S. society doesn’t, and why don’t they? It’s because many people find that banks are quite expensive.”
Due to the convenience and safety of touchless pay systems during the pandemic, the use of cash and checks is dropping fast, while the use of credit and debit cards is growing increasingly higher. However. relying on digital payment systems comes with the risks of hacking and making society more vulnerable to loss of privacy. In this interview, Jay speaks on the value of keeping both cash and credit cards around to not only protect ourselves but to protect society as a whole.