Contactless Revolution: The Decline of Cash Among Tradies

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Graham Tomkinson, a Western Australian tradie, typifies the shift away from paper money. "Nowadays, nobody pays with cash," he says. Tomkinson has not used cash both in his professional and personal life, a stark contrast to his earlier years when he would carry pocket money.

"I keep my wallet in the car simply to store my Medicare card and tool receipts. If someone stole it, I'd just need to re-register for another Medicare card," explains Tomkinson. This casual approach highlights the diminished presence of cash in his life.

Harrison Lockyer, a 20-year-old mechanic, seconds Tomkinson's experience: "EFTPOS is ubiquitous now. The only time I keep cash is for buying car parts or in case our EFTPOS network fails."

Steven Sousamlis, a builder who operates a bathroom renovation business in Sydney, believes the move towards a cashless society is inevitable. "It's increasingly rare for stores to prefer cash. Obtaining cash from banks feels more tiresome, almost like an inquisition," says Sousamlis. "With ATMs becoming rarer, carrying cash is more of a hassle than it’s worth nowadays."

Phil Cooksey, currently a general manager at Apprentices Are Us LTD and former tradie, vividly remembers when cash ruled the trades industry from 2002 to 2018. "We used to prefer cash. It simplified transactions and often meant work could be done more cheaply. Handling cash was an everyday occurrence," he recounts.

Cooksey is critical of how the decline of cash impacts the perceived value of money. According to him, a $50 note used to be worth $50 throughout, whereas now every card transaction chips away a small percentage. "Each bank fee diminishes the total transaction value," he laments.

Besides the practical shifts, there's a sentiment shared by Graham Cooke, head of consumer research at Finder, suggesting that "cash is dead.” Finder's research shows that ATM usage has been plummeting since 2008 and could disappear entirely by 2030 if the current trajectory continues.

This evolution towards a cashless economy, though gradual, exemplifies how technology and convenience are driving significant shifts in traditional practices, even for cash-dependent professions like trades.

Published:Saturday, 7th Sep 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Clear

AMP Bank's SuperEdge: A New Era in SMSF Residential Lending

01 May 2026: Paige Estritori

AMP Bank has re-entered the self-managed super fund (SMSF) lending market with the launch of SuperEdge, a residential property lending solution tailored for SMSF trustees. This move addresses the growing demand among Australians seeking greater control and flexibility in their retirement planning. - read more

RBA Warns of Economic Risks from Global Conflicts and AI Challenges

01 May 2026: Paige Estritori

The Reserve Bank of Australia (RBA) has highlighted significant risks to the nation's economic stability, citing the prolonged conflict in the Middle East and potential downgrades in artificial intelligence (AI) profitability as primary concerns. These factors contribute to an environment where economic risks are both high and escalating. - read more

Financial Troubles at Grow Inc Raise Concerns for HESTA Members

01 May 2026: Paige Estritori

Grow Inc, the administration provider for HESTA, one of Australia's largest superannuation funds, is experiencing significant financial difficulties. Recent financial reports reveal that Grow Inc's liabilities nearly double its assets, raising questions about its long-term viability and the potential impact on HESTA's member services. - read more

No Credit Check Loans in Australia: What You Need to Know

01 May 2026: Paige Estritori

For many Australians facing financial challenges, the concept of 'no credit check' loans appears as a beacon of hope. These loans promise quick access to funds without the scrutiny of one's credit history. However, it's crucial to understand the realities surrounding such financial products, their legality, and the alternatives available. - read more

Pledg's Asset-Based Loans: Fast Funding Without Credit Checks

01 May 2026: Paige Estritori

In the evolving landscape of financial services, Pledg has emerged as a notable player, offering asset-based loans that bypass traditional credit checks. This innovative approach caters to Australians seeking swift and discreet financial assistance without the hurdles of conventional lending processes. - read more

Click for more Finance News