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How age and gender affect payment habits
APACs have published a set of payment profiles looking at the statistics behind twelve age and gender separated groups.
The data from the profiles is gathered from the Consumer Payments Survey, which surveys 3859 adults aged 16+ each year, and aims to show the differences in spending patterns and how people deal with managing money.
When considering fraud, one worrying factor highlighted in the profiles, is that whilst 93% of over 65’s always check their bank and card statements for unfamiliar transactions, only 54% of 16-24 year olds bother to check for payment fraud.
The profiles also offer other interesting payment information, and can be viewed by age and gender. 16-24 year olds for example spend the least amount online each year, making an average of 17 online payments of an average of £48. This is compared to the average adult who makes 21 online payments per year at an average amount of £66 each.
Other points of note are that women are more likely than men to use phone and internet banking; 52% of women utilize the technology compared to 48% of men.
Men however hold more plastic cards than women, with the average man holding 4.4 plastic cards compared to an average of 4 held by women.
The full profiles can be viewed online at: http://www.apacs.org.uk/resources_publications/Paymentprofiles.html
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