21 June 2005
Cash and cheques are making a come back, partly because new chip and pin technology has meant not everyone can remember all their pin numbers.
The amount of money spent on cards overtook cash for the first time, last year, with £269 billion spent on cards and £268 billion in cash.
However Saga Visa Card found that the massive number of cards people had meant that many just stopped using some of them, as they found it difficult to remember all the pin numbers.
Also, as a reaction to this, many are increasing the credit limit on their main card, so they can use that card for more transactions.
One in five however, are using the same pin number more than once, which is inadvisable as it places the cards at greater risk.
Saga found that 36 per cent of under-24s have started using cash and cheques more frequently - although this figure drops to 30 per cent for those aged 55 to 64.
Andrew Goodsell, Saga chief executive, said: "The trend of downsizing the plastic in our wallets makes it important to carry the right cards.
"My advice is to check the charges - especially if you plan to use your cards on holiday."
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