Britons prefer plastic to money

| April 2, 2008 | 0 Comments
”Britons

According to a survey by personal finance website Fool.co.uk, Britons are more likely to use their plastic than cash when paying for everyday purchases.

The survey which revealed the nation’s spending habits revealed that 32% use their credit card, debit cards account for 37% of spending while cash accounts for 29%.

The survey established that people are carrying less cash with 47% withdrawing cash only once a week or even less. A third generally have less than £10 in cash on them.

David Kuo of Fool.co.uk, said plastic can be fantastic, but relying on money we can’t see is a reflection of how easy it has been to rely on credit in recent years.

It is therefore essential to keep track of your spending and not let your card purchases get out of hand. Since you are not paying in cash, it is all the more reason to take care as credit becomes more difficult to obtain, added Mr Kuo.

Fool.co.uk also said the amount of cash we carry increases with age. Those over 50 prefer a cashier to an ATM and generally carry three times as much as those aged between 18 and 24 who carry around £14.

Furthermore, the survey revealed that men generally carry around £20 more than women. Men typically have around £40 on them while women have a little under £20.

Credit and debit card spending increased to £91.5 billion, an increase of £4.9 million in the 3 months to last September as a growing number of borrowers used their cards to pay household expenses.

A recent report by Apacs, the body that represents lenders and credit card companies, said between October and December last year, £32.4 billion was spent on credit cards, the second-highest sum in history.

Over the same period, £59 billion was spent through debit cards - the highest since their records began in 2000.


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