While other countries are moving to cashless society, Canada may be moving to cash in our nickels for 20- and 50-cent coins instead.
A new study released by Desjardins, a Quebec-based credit union, says Canada should eliminate the nickel within five years. This move would also phase out the quarter as we switch primarily to 10-, 20- and 50-cent coins.
It’s also noted that the buying power of small coins is going down as our cost-of-living goes up. Another of the study’s findings says it’s “not likely” our country would go cashless any time soon. In fact, Canadians are using more cash than before, while other countries, such as Sweden, are going cashless.
Swedish banks have even started removing cash ATMs from rural areas, which has been annoying to older people and farmers. Credit Suisse says the rule of thumb in Scandinavia is: “If you have to pay in cash, something is wrong.”
So do you prefer paper or plastic: Cash or cashless?