Save upto 40%
on
your Health Insurance
we'll beat any quote!
All news
Generational divide in spending habits exist, says study
October 16, 2012
Generation gap in spending habits is revealed in study
The majority (93 percent) of younger respondents would use their card for purchases up to five pounds. Only 67 percent of the older generation would do the same.
A gulf is emerging between in the spending habits of different generations.
Only two percent of those aged 55 and over said they would use a debit card for a transaction of less than one pound, compared to 12 percent of 16 to 24 year olds, said a new study conducted by Clydesdale and Yorkshire Banks.
Four percent of older participants in the study stated that they hardly ever carry cash, compared to ten percent of the younger group.
Psychologist Dr Jane McCartney explains that psychological research proves that when people use cash only, they can see how much they are spending and what remains, which drives them to spend less.
When using a card, people will both underestimate how much they spend and overestimate how much they have left.
"No matter how you choose to purchase items, it's important to keep a track of what you're spending," said Andrew Pierce, director of retail banking at the company.
Health Insurance Companies
