OLDER Australians have every right to slam claims that retirees are hiding cash under their mattresses in order to receive a pension.
According to a report in the Fairfax press, a former Reserve Bank employee says retirees are making regular large-note withdrawals and holding up to $50,000 in cash to access the means-tested age pension.
Claims that pensioners who put away a little cash for a rainy day are cheating the system are highly offensive.
Where is the evidence?
There could be several reasons why retirees keep cash at hand.
Perhaps they don’t understand, or trust, technologies such as BPay, EFTPOS or automatic payments.
Perhaps it’s a cultural thing and they just prefer to hand over money in their daily dealings.
Or perhaps it reflects the values of a stoic generation that feels some sense of security in knowing they have a little something tucked away for an emergency.
Let’s see the numbers and how they stack up against the wider cash economy.
To single out and demonise elderly Australians without evidence or an understanding of their motivations, is unfair.
CHIEF EXECUTIVE OFFICER