The world is quickly moving toward a cashless society. Korea is not an exception. Today, people use easy payment services like KakaoPay, Samsung Pay, and Naver Pay in their daily lives. Because of this, we do not use cash very often anymore. But have we ever seriously thought about how this change affects how we spend money?

A recent study published in the international journal Qualitative Market Research says that cash is not just a way to pay. It helps people feel more responsible and more aware when they spend money. Researchers from Surrey University in the UK said, “When people use cash, they feel the weight of the money. But with digital payments, that feeling disappears.”

This study was done in two very different places and times: New Zealand in 2013 and China in 2023. The researchers talked to people in focus groups and asked them open-ended questions. This helped them collect real and detailed stories about using cash and digital money.

Many people in the study said they felt guilt, sadness, or regret when they spent cash. But they felt almost nothing when they used digital payments. One person said, “Digital payments feel like using game money. It’s just numbers.”

A person in China said, “Digital money feels like someone else’s money. But when I spend cash, I feel like my own money is really going down.” This shows the most important idea of the study: Cash creates a strong feeling of ownership because it is real, touchable, and countable.

The researchers call this feeling “psychological ownership.” When people touch and hold cash, they feel like they are giving away part of themselves. But when they use digital payments, the money disappears without being seen or touched. This makes people forget how much they are spending, and they may buy things they do not really need.

In fact, in China, more than 50% of all payments are made through apps. Many users said they did not realize how much they were spending. They only noticed later. This is a common problem in Korea too. Many people are surprised when they see their credit card bills or bank account history.

Of course, digital payments are fast, safe, and very useful. But the researchers warn that we should think about what we may be losing as cash disappears. They say, “Cash is not just coins and bills. It is connected to how we think and control our spending.”

Some experts now suggest adding “sensory feedback” to digital payment systems. For example, when someone pays, the phone could vibrate or show a special animation. This can help people feel their spending more clearly. Other ideas include setting a daily spending limit and sending warning messages when that limit is passed.

Korea has one of the best digital finance systems in the world. People can pay for almost anything using their phones or cards. But there is a hidden problem. Many young people now have more credit card debt, make too many small payments, and use revolving credit (paying only part of their bills each month) too often. These are serious money problems.

This study gives us more than just ideas about how we pay. It asks a big question: How should we think about and manage our money?

In a world where cash is disappearing, maybe we need to bring back the “feeling” of money. This doesn’t only mean putting cash in your wallet again. It means thinking more carefully about your spending, and taking more responsibility for how you use your money.