Ditching your wallet wholesale for plastic cards and mobile payments may be a bad idea, say financial advisers

FINANCIAL POST

TORONTO – Financial planner Victor Godinho said goodbye to his wallet four years ago and hasn’t looked back.

The 23-year-old adviser at the VTAG Financial Group Inc. in Toronto was one of the early adopters of the “cashless” lifestyle, a move to ditch pocket change and bills in favour of plastic cards and mobile phone payments.

“I simply decided that change and cash were too frustrating to deal with,” he said.

It’s a trend that’s becoming increasingly popular with consumers, and setting off alarm bells for some advisers who say it amplifies the risk for Canadians to unknowingly blow past their monthly budgets.

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