Young people 'don't use credit cards'
Published On 29 September 2007
Far fewer young people use credit cards than older members of society, new research shows.Data published by the UK's payment association, Apacs, showed that just 37 per cent of 18 to 24 year olds hold a credit card - compared to 66 per cent of all adults.
What's more, those young people who do own cards are likely to have fewer than older members of society. The typical person aged between 18 and 24 has 1.72 credit cards, compared to the 2.3 that adults have.
"Young people are spending ever-increasing amounts of money and it is therefore vital that they make a considered decision before choosing which product they use," explained Sandra Quinn, director of communications at Apacs.
"Being able to manage their personal finances is one of the most important life skills a young person can acquire."
Recently, Abbey found that many credit card users in the UK were planning on scrapping several of their cards and just using the one with the most attractive rates and offers.
The British Bankers' Association revealed that credit card spending in the UK dipped by £0.1 billion in August.
