Dan Ariely: Cashless Moral Compass
on Wednesday, December 14, 2016Dan Ariely Money Quote saying without coins and bills, we make no connection to the morals of spending and pay without doubt. Dan Ariely said:
“The more cashless our society becomes, the more our moral compass slips” — Dan Ariely
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Dan Ariely is suggesting that when we pay for things electronically without using physical cash, it can negatively impact our sense of morality around spending and purchasing. Using cash helps us make a more direct connection between our money and the items we buy. With cashless payments, this connection is less clear since we don’t physically hand over bills and coins.
As a result, our ability to judge whether a purchase is appropriate or excessive may become impaired. So Ariely argues that relying solely on digital and cashless forms of payment could cause our internal moral guidance around spending to slip or weaken over time as the impact of our spending becomes less tangible.