What’s タンス預金 (money under the mattress)? Why do people do that?

タンス預金 is a Japanese slang that refers to money that is kept inside home, usually used as a comparesion with money kept in bank account.
People who does タンス預金 usually does not like to get their record taken by the bank, and it used to be a way people escape from paying taxes.

Interestingly, this connects to a reason why Japan is behind from being cashless.
There are many consumers that does not like to get track of their purchasing records.
Some people does not even like the advertisement that shows what you might want to know or what you like, from the searching records that’s kept online.
Because of this, they keep their money inside, so that it will be hard for stores to keep the record.

As you can tell, this is slowing down economy.
However, hearing news about your personal data getting stolen, you can’t simply judge people who are not using cashless payment; no one like to get their personal data stolen, and who can take responsibility for that?


Written by A.O.

Resources
小澤純奈. (2019, April 08). キャッシュレスを疑わせるタンス預金の増加. Retrieved July 25, 2019, from https://zuuonline.com/archives/197393

泰也, 上. (n.d.). 50兆円の「タンス預金」はどこへ行くのか？　紙幣改刷をきっかけに動くとの説もあるが...... Retrieved July 25, 2019, from https://business.nikkei.com/atcl/seminar/19/00122/00024/