Generation Z don’t even see cash as ‘real’ money

Australians are growing concerned the nation may turn into a cashless society and there’s a reason Gen Z aren’t helping.

Cold hard cash is such a foreign concept to Generation Z they don’t even think it is “real” and instead see it like Monopoly money.

Young people are heading online to share how they’ve had such little experience with cash that when they happen to have some, it feels “fake”.

There’s been an ongoing conversation about how cash is mostly useless to the youngest generation and the way Gen Zers talk about cash online seems to confirm that assumption.

One young creator struck a chord on TikTok when he said he was trying to save money, but using cash didn’t count.

“I’m using cash. It is not real money,” he reasoned.

The comment section was filled with young people in enthusiastic agreement.

“If I can hold it! I can spend it,” one wrote.

“If it doesn’t make my money in my account down, it’s practically free,” another reasoned.

“So long as it was never in my bank account, it’s spending money,” another wrote.

Young people don't think cash is ‘real’. Picture: TikTok/hubba00

The way they think about cash is different. Picture: TikTok/joseph.power

Similarly, another creator shared that cash doesn’t “exist” – at least not in a way that actually matters.

“If it is not coming out of my bank account, then it is not real money,” she argued.

Once again, the comments section was just young people revealing they felt similar to her.

“We have the same toxic trait,” someone commented.

“This is how my head works,” another announced.

“I thought I was the only one,” another said.

Meanwhile, another young creator shared that cash isn’t “real”, and you couldn’t “convince” her otherwise.

“When you pay cash, it isn’t real money. It doesn’t count towards what you’ve spent that month,” she shared.

Her logic defying argument was met with an overwhelmingly positive response.

“It is like Monopoly money,” someone wrote.

“Yep,” another agreed.

“This is too real,” someone wrote.

Gen Zers have an interesting relationship with cash. Picture: TikTok/lucywelcher

This Gen Z woman’s money outlook is wild. Picture: TikTok/deeperthanmoney

Gen Zers confusion over cash comes at a time when the country transitions to a cashless society – with many baulking at the idea.

When Cairns Regional Council rolled out a no-cash policy at all council facilities back in July last year, it caused a local uproar.

One local collected more than 5000 signatures for an online petition calling on the council to reverse its policy, arguing the changes were “not widely accepted by the majority”.

Similarly, in September, when Macquarie Bank announced it would be phasing out cash altogether next year, following similar moves by Commonwealth Bank, NAB and ANZ to stop handling cash in a few branches, the news was met with outcry.

Yet if Gen Zers don’t even think cash is “real” that doesn’t show much of an ongoing demand for a cash-based society.

Generation Z increasingly don’t understand cash. Picture: Instagram

Financial expert Julian Finch said that cash is fast losing its “relevancy”, and that is changing the economic landscape.

Mr Finch pointed out that Zoomers don’t understand cash because they weren’t “raised” with it and their confusion about it wasn’t their fault.

“They don’t carry wallets, they don’t deal with hard cash, and they purchase everything using Apple Pay or other electronic means via their phone,” he said.

Mr Finch said young people are so averse to cash that they can no longer do basic calculations.

“When they purchase something, the cost is immediately deducted from their bank balance online, and they don’t even have to think about it.”

While Mr Finch doesn’t think becoming more cashless is all bad, he does believe Generation Z are missing out on basic money skills.

“No one is teaching these important basics at school, and this is where Zoomers need assistance – to understand the mechanics, benefits and risks associated with the financial digital landscape,” he said.

Originally published as Generation Z don’t even see cash as ‘real’ money