November 29, 2024
The National News recently published an article featuring Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, arguing that physical cash is essential for societal resilience, personal financial control, and national security.
In his forthcoming book, The Power of Cash, Zagorsky challenges the growing shift toward a cashless society, highlighting risks such as vulnerability to cyberattacks and fraud. He also critiques the hidden costs of digital payments, such as merchant fees passed on to consumers, and emphasizes how cash can help people manage spending. In the face of these threats posed by a cashless society, consumers hold the power to reverse this trend.
“Go to retailers and use some cash. Using some cash every now and then tells the retailers the need to be able to handle cash, pure and simple,” Zagorsky adds.
Zagorsky stresses that cash preserves privacy and independence, and supports inclusivity, especially for groups without access to digital payment methods.
