This actually goes the other way, inflation adds an arbitrary friction incouraging people to take too many 'trips to the bank' to deposit cash in savings assets

This actually goes the other way, inflation adds an arbitrary friction incouraging people to take too many 'trips to the bank' to deposit cash in savings assets to avoid the costs of inflation and so is welfare reducing. https://en.wikipedia.org/wiki/Shoe_leather_cost https://en.wikipedia.org/wiki/Shoe_leather_cost