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Young people 'rely less' on credit cards
Published: 01/10/2007 |
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Data newly released by the UK's payment association Apacs shows that far fewer young people are relying on credit cards compared to older members of society. The report found that just 37 per cent of 18 to 24-year-olds hold a credit card, compared with 66 per cent of older people. Those young people who own cards are also likely to have fewer than their older counterparts, with the average young person carrying 1.72 credit cards in their wallet compared to 2.3 for older adults. Sandra Quinn, director of communications at Apacs, welcomed the findings: "Young people are spending ever-increasing amounts of money and it is therefore vital that they make a considered decision before choosing which product they use." She added: "Being able to manage their personal finances is one of the most important life skills a young person can acquire." While the number of young cardholders rises to 86 per cent when you include debit cards, their usage still remains comparatively low with under-25s making on average just six payments each month. Recent research from unbiased.co.uk suggests that more than forty per cent of 18 to 24-year-olds are unable to estimate their current debt burden to the nearest £500.  © Adfero Ltd |
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