JEDDAH – People lose an average of $365 every year because of cash left forgotten in the house or car, or unused foreign currency from a holiday or business trip, Visa International said in its “Payment Attitude Study” released recently covering the Asia Pacific, Central Europe, Middle East and Africa region. “This seemingly small amount that averages a dollar a day is actually the equivalent of the cost of 6.5 grams of gold or supporting a family of four in Bangladesh for a year,” it said. Busy lifestyles mean consumers often lose track of the little things around them – such as loose change. They are leaving an average of $80 lying around in cars, homes and offices unclaimed at any one time. Among all the surveyed markets, the Japanese have an astounding $337 in loose change just lying around forgotten and unused. Indonesians are the most frugal leaving only $21 lying around at any one time. With an average loss of $174, the United Arab Emirates is in the fourth position on the cash loss scale among the countries surveyed. Consumers in the UAE lose an average of $82 by cash change lying around in their cars, homes and offices and around $92 in unused currency after business travel and vacation. Returning home from vacation with a pocket full of coins and foreign notes is also a common occurrence. According to the study, people are bringing home on average $285 in unused foreign currency. Singaporeans are bringing back a whopping $625 in their pockets. They could take a lesson or two from the Indonesians, South Koreans and Taiwanese, who are the savviest at using up their funds bringing back only $1 in unused currency. While most will keep the remaining cash for future use, about 1 in 5 will give it away or just forget about the leftover. “Keeping track of cash can be a hassle, especially with today's busy – and increasingly globe-trotting - lifestyle. At the same time, people need a secure place to store their funds that they can access anytime, anywhere. We've long known that carrying cash can be inconvenient and unreliable, and we now know from this research that consumers are out of pocket by using cash too!,” said James Lim, Head of Core Products – Asia Pacific, Central Europe, Middle East and Africa at Visa Worldwide. “Keeping tabs on their hard-earned money and worrying about carrying cash around is a concern for people in the region too,” he said, adding that “the majority of respondents (54 percent) said the key reason they have a debit card is because it is convenient to carry around, rather than having a large amount of cash. They also have a debit card to keep their finances in check, with over half (53 percent) saying it is good for smart financial management as they know that the payment is debited directly from their regular bank account.” The study results showed that, on average, consumers in the region own two debit cards, but it also revealed that awareness for using debit cards abroad is low, with only 42 percent being aware that they can be used around the world. However debit cards are widely accepted across the globe and can be used in-store, for shopping online and even - for that purchase that really needs cash - for withdrawing cash from foreign ATMs. — SG
