Credit Cards & Loans
Cashless society makes us spend more
In a poll of 2,000 British consumers, 59% admitted that not having to hand over physical cash had led them to spend more than they’d intended, and 72% said digital payment methods such as Apple Pay and contactless credit cards have encouraged them to make more impulse purchases.
The findings from credit checking service, ClearScore, revealed that two out of five shoppers had lost track of their spending because of the ease of digital payment methods.
The use of contactless payment methods has soared in 2016, with shoppers spending more via contactless cards in the first half of the year than in all of 2015, according to The UK Cards Association.
There were 1.1 billion contactless transactions in the first half of the year, compared to 1.05 billion for the whole of 2015.
Justin Basini, chief exective of ClearScore, said: “Without the feeling of handing over cash – the clink of coins and the rustle of bank notes – money becomes even more abstract. We can easily lose track of how much we’re spending. It means it’s even more important than ever to stay on top of your financial information by checking your bank balance and debt levels regularly and nurturing your credit score.”
Related Posts
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Everything you need to know about the pension triple lock
Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.