Blackfriar: Millennials are great except for this one thing

Millennials (people in their 20s and 30s) have it quite hard enough as they battle to pay off student debts, get on the housing ladder and find decent jobs.

It was much easier for my generation (Generation X, who were born between 1965 and 1980 and that’s all you’re getting so don’t ask).

In my day there were no student fees, houses were eminently affordable and many of us have made a tidy sum from the rise in property prices.

I rather like the so called “snow flake” generation of Millennials.

They care deeply about the environment, they worry about global warming, they believe in Britain’s future as part of Europe, they worry about the threat from the US, Russia and China, and they have made avocados fashionable again.

However, there is one thing that drives me up the wall about them - their refusal to carry cash.

When I lent a tenner to one millennial work colleague (because obviously she didn’t have any cash and needed some), she tried to pay me back by asking for my sort code and account number so she could transfer the money.

I told her to go to a cash point and give me back the ruddy tenner.

Another friend (who at 37 is barely scraping it into the Millennial bracket, but she’d die rather than be lumped in with us Generation Xers) confided that she likes going cashless because whenever anything needs to be paid for, she can say she doesn’t have any money on her.

Via this method she has managed to get out of numerous club togethers for leaving presents, birthday presents, baby presents, you name it.

She usually relies on avuncular work mates and friends to pay her way.

I’ve asked Millennial friends what do they do when a shop’s cash machine won’t take plastic because of a fault, or their card/ phone is declined for some weird bank reason or if they want to make an impromptu purchase at a market stall.

In response, they look at me witheringly and say this has never, ever happened to them. (A good way to win this argument is to ask them what they do when they want to help someone selling the Big Issue or someone who is homeless on the streets on a freezing night and they are trying to raise a few quid to get into a hostel. Another good ruse is to ask them how they ensure their electronic tip will go to staff rather than unscrupulous management.)

According to research by the BRC out today, consumers are abandoning cash for plastic.

Cash payments have dropped to third place behind debit and credit card spending, according to the BRC.

The retail trade body worked out that this costs retailers £1.3bn just to accept card payments from customers, up £70m from 2017.

Each transaction costs retailers an average of 5.85p per transaction, up 17 per cent (from 4.98p).

So this cashless generation is not only hurting waiters and bar staff, but also the hard pressed high street.

Today the BRC launches its latest Payment Survey which shows that debit cards are now the most popular method of payment, accounting for almost three-in-five transactions.

In addition, credit card spending overtook cash spending in 2018.

The BRC points out that cash remains an important part of retail, particularly for many vulnerable people.

So come on Millennials. Get down the cash point, take out some cash and do your bit for society.