23 September 2008
Younger people are more comfortable using credit cards while many older people still prefer to use cheques, it has been suggested. According to HSBC, some consumers find it "quite empowering and positive" to pay by cheque because it something they have become used to over many years. However younger consumers have a different mindset and are much more at ease with paying for goods and services on plastic. "Younger people are likely to be far more comfortable with credit card payments, in particular, online payment," explained a spokesman for the bank. According to the UK payments association Apacs, cheque spending on the high street fell by 7.5% last year. At the same time, debit and credit cards were used to pay for 65% of all retail transactions in the UK. Of the £170 billion spent on plastic, credit cards accounted for £61 billion, the figures show.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.