Brits ditch cash for cards

Posted 2008-03-30

British consumers are increasingly relying on credit and debit cards for everyday purchases rather than carrying around cash, new research has suggested. One third of us now carry less that £10 in cash on our person every day and almost half (47 per cent) use a cash machine just once a week or less. While one in ten puts a responsible spin on their plastic inclinations by claiming they use cards in order to keep tabs on how much they spend, a more substantial 16 per cent say they simply prefer the convenience. "Plastic can be fantastic," conceded David Kuo, head of personal finance at Fool.co.uk. "But relying on money we cant see is a reflection of how easy it has been to rely on credit in recent years." The research also found that age is a significant factor, with the average 18 to 24-year-old carrying around £14, compared with £43 for their 58-plus elders. Bizarrely, the research also found that one in eight of us eschew traditional purses and wallets by simply carrying our loose money in our pockets.

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