After a leading comparison site conducted a survey, it was discovered that the majority of Brits choose to pay for their items with their credit cards rather than with cash.
A third of people (32%) said that they regularly use their credit cards to pay for their everyday items and more than a third of people (37%) said that they believe using their debit cards is the most convenient method of payment. This only leaves 29% of people who would opt for paying with cash.
Almost half of Britons questioned (47%) told the company that they only withdrew cash once a week or less, therefore people are carrying less cash on them, with a third having less than ?10 on them at any time to enable them to pay for bus fare and lunch.
The comparison site found out that the older you got, the more money you were likely to have in your pocket. People between 18 and 24 carry around ?14 whereas people over 50 tend to carry three times as much on them.
As well as age, the company also found that gender was a factor as well. Men, on average had around ?40 on them, whereas women had just under ?20. Therefore, an average Briton has around ?33 on them in cash.
A spokesperson for the company commented on the trend of using credit cardsfor the majority of what we buy and said that although they can be useful, relying on money that we can't see highlights how reliant on credit we are getting.
They also advise that we keep track of our spending so that purchases with credit cardswill not get out of hand. If you rely on credit rather than cash, it is in your benefit to keep a check on your spending, otherwise, credit will become more and more difficult to get and it is therefore advisable to have savings.
