The young and the cashless

Commenting on the rise of contactless payment methods, SMU Assistant Professor of Finance (Education) Aurobindo Ghosh noted that cashless payment methods such as credit cards and e-wallets can be used to manage one’s finances because of electronic tracking. Asst Prof Ghosh, who is also programme director for the Citi-Foundation SMU Financial Literacy Program for Young Adults, felt it is perhaps not so much the payment method, but discipline and financial literacy that play a role in financial prudence. However, he acknowledged that the proliferation of different cashless payment models might influence young people’s spending habits and increase the risk of overspending.