Sweden’s retirees are having trouble with the rapid technological developments there as cash has now almost obsolete. While it’s a boon to some of the younger generations, to the elder ones who are not as technologically savvy, this poses a huge problem especially because some essential goods stores are starting to go cashless as well.
In this Financial Review article, finance journalist Liz Alderman explains that, “cash is being squeezed out so quickly – with half the nation’s retailers predicting they will stop accepting bills before 2025 – that the government is recalculating the societal costs of a cash-free future.” Pensioners, immigrants, and people with disabilities who cannot easily gain access to electronic means will certainly suffer, she explains.
We at Retirement Life Magazine can definitely certify this as a must-read for retirees as it gives us an interesting look into the future of currency. It shouldn’t be isolated within Sweden because the cashless trend is going in other parts of the world as well. So, if you’re planning to retire soon, it’s probably best to dust up on your electronic and digital financial literacy so this wouldn’t be a problem for you.