Cyprus’ youth talk money: Cash vs Card, Old vs Young

By: 4th year student, Department of Accounting and Finance, University of Cyprus

While waiting in line at a local bakery in Aradippou, Cyprus, I noticed an elderly individual, probably in his late-70s. He was struggling to pay at the till.

Witnessing this, I stepped up to provide a lending hand.

However, as I approached the front, it became apparent that the issue was not a matter of finance, but of technology…

The old man was trying his hardest to pay with his phone. When that didn’t work, he switched to his card. When that didn’t work, he reached into his pockets, pulling out every small penny that he had.

The cashier was fuming in frustration with the elder’s failure to pay ‘the right way’.

Something that was so natural and easy for me, a young Cypriot, was alien and hard to someone that was just few years older than my father.

That moment for me highlighted the drawbacks of new technologies. While FinTech modernisation is considered as one of the herculean achievements of this decade, the older generations’ experience is one of struggle, confusion, and anxiety.

Studies show a clear digital literacy gap among certain demographic groups in Cyprus, driven by the accelerated developments in FinTech across industries.

The thing that makes me most sceptical, however, is how this might affect the overall participation of the elderly in Cyprus’ economy. Their limited capacity to transition to a ‘cashless’ world as effectively as our generation can lead to informal exclusion, further perpetuating their disengagement from other societal dimensions.

With Cyprus not being an exception to the systematic rise in population ageing, one might empathise with the struggles of older generations. And, more importantly, question how this might affect Cyprus’ economic performance in the coming years.

The ‘Cash vs. Card’ paradigm is often associated with a schism within a society. More notably, it can act as a synonym of ‘Old vs. Young’. Our demographic division and economic participation is substantiated and defined by our payment methods.

No wonder the cashier was frustrated with the old man. He had become ‘outdated’.  

‘Cyprus’ Youth Talk Money’ is a Cyprus Mail series developed in collaboration with the University of Cyprus as part of the Financial Literacy Initiative, supported by XM. New student articles are published every Tuesday.

#cyprusmail #xm #financialliteracy #moneyincyprus #χρηματοοικονομική_παιδεία