A cashless society seems environmental, useful, and most definitely an appropriate attribute to a sea of busy consumers, yet a lack of physical commodity will also result in an increase in debt says Melissa Leong of the Financial Post.
“when it is a number on a screen — it’s easier to spend, researchers say.”
As society becomes addicted to a faster paced way of life, as does our attitude towards money. No one has time to fiddle around with cash and coins anymore; consumers want an easier way to pay.
Credit cards, and online payments allow consumers to avoid cash altogether, yet there are consequences. Numbers and spending money actually stimulate a part of the brain known as the insula which is associated to pain, and by speeding up the spending process, consumers are also skipping over the painful thought of spending money.
The average Canadian is expected to carry a consumer debt of around $28,000 by the end of this year.
The Canadian Economy however, is not quite threatened, yet.
As credit cards and virtual payment methods replace traditional systems, consumers must be wary of their spending habits. 50 dollars is easier to spend when you don’t have to give away a big shiny red bill…