Reni Odetoyinbo was one of the millions of Canadians effected by the nationwide Rogers Communication Inc. outage on July 8.
On top of losing internet service, the 26-year-old content creator ran into banking issues when she tried to pick up groceries. Like many other retailers that day, the store she went to was only able to accept cash.Odetoyinbo doesn’t typically store cash at home either, except for a $100 bill she received as a gift.
While you don’t want to liquidate some of your retirement savings to keep under your mattress, keeping a few hundred dollars, depending on your daily expenditures, tucked away for emergencies is a good idea, Kramer said. Mark Cleveland, professor in the DAN Department of Management and Organizational Studies at Western University, thinks that more Canadians are going to start keeping more cash on hand, at least in the short term, because of the recent nationwide network outage.“I try to always have about $200 in my wallet for anything I might need,” Cleveland said. “I try to keep two to three times that in a secure location at home just in case.
There may also be different generational attitudes toward keeping cash on hand. Those that do have lower tolerance for unpredictability tend to be older consumers, and as a result they’re more likely to carry cash.
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