Around 70 per cent of over-50s now have a contactless card, with 20 per cent using it up to three times a week, while four in ten people aged 80 to 89 also have the new type of card.

The findings suggest over-50s most commonly use their contactless card to buy groceries, food and drink in restaurants or cafes and coffee and cake in coffee shops.

The over-50s like the convenience of contactless payment and how it reduces time spent at check-outs. One in ten like not having to dig around for loose change for the bus, or rushing to buy a ticket before hopping on the tube, now they have a contactless card.

However, seven out of ten over-50s worry about the security of contactless cards, and half saying they wouldn’t be surprised if there was an increase in pickpocketing because of contactless cards.

The 80 to 89 age group is the least likely to worry about the security of contactless cards.

Paul Green, director of communications at Saga, said: “It’s clear the over-50s are seeing the benefit of not having to carry cash or worry about remembering their PIN.

“But people should use their contactless card wisely and only buy things they really need with it as it can be easy to get a bit too tap happy with your bank or credit card. Keeping an eye on your bank account can help you keep your spending in check and stop you from worrying about the security of contactless cards.”

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