Empty wallet? One in three carry less than a fiver
Published 17 October 2012 by Lucy Bower
A survey indicates that one in three Brits carry less than a fiver on them, preferring their debit or credit card. Are they risking overspending?
One in three of us are more likely to rely on 'plastic' than ready cash. A study of 2,000 Brits by online payment solution Skrill indicates that one in three Brits carry less than a fiver on them.
The huge reliance on credit and debit cards and massive increase in online shopping mean that people are using cash for less than a third of their purchases and one in 20 don't even carry cash at all. In this digital age, people are more likely to pay for goods and services with plastic, digitally over the internet, or on their mobile.
And around a fifth of people think that cash will be entirely redundant in the future, as internet and mobile payments become more commonplace.
Skrill CEO, Siegfried Heimgaertner, noted: "Consumers are finding it quicker and easier to click a button than fumble with their change."
It's estimated that already, around a third of people (30%) use their debit or credit card for all purchases, no matter how small the purchase - and 13% will buy things they don't need just to take them up to the minimum amount required for a card transaction.
However, it seems 19% struggle to keep track of their spending when they put things on plastic and 21% say they're less likely to stick to their budget if they use their card instead of cash. So there's still a place for notes and coins in our changing society - especially if you're watching what you spend.