Does Your Age or Gender Govern Your Payment Habits?

Key findings from the statistics, covering male and females within age ranges from 16 to over 65, reveal:

• Men are greater fans of plastic than women, with the average man holding 4.4 plastic cards compared to 4 held by women. Men are also more likely to splash out more cash in restaurants, cafes and snack bars than women, forking out over £120 more, per year, than their female counterparts (£463 compared to £335 spent by women). In comparison, when it comes to food shopping it’s women who take the lead, making on average 147 supermarkets visits a year, compared to 114 by men.
• Supporting the stereotype, women in every age bracket consistently out-spend men in shoe shops. Spending, on average, £67 per year: that’s more than double that of men who spend, on average, £30. It is women aged 25-34 who spend the most in shoe shops, approximately £103 per year, whereas men aged 35-44 spend the least, an average of £10!
• When it comes to managing their finances, interestingly women are more likely than men to use phone and internet banking on their main current account: 52 per cent of women use these technologies compared to 48 per cent of men. Yet women are also the most likely to use cheques, with a massive 41 per cent being regular cheque users, compared to just 28 per cent of men. There are less differences between the genders when it comes to cash machine withdrawals, with men and women withdrawing similar amounts of £3,805 and £3,765 respectively each year.
• 93 per cent of over 65s always carefully check their bank or card statement for unfamiliar transactions, compared to just 54 per cent of the youngest age group - 16-24 year olds.
• The research also shows some surprising facts. For example, women on average spend £172 a year in electrical retailers, compared to £144 spent by men. In addition, ‘the technology’ generation of 16-24 year olds spend the least online each year, making on average, 17 online payments for goods and services costing £48 each. This is below the norm, as the average adult makes 21 online payments for £66 each.

To view Payment Profiles, which look at payment behaviour of different age and gender groups, please visit: http://www.apacs.org.uk/resources_publications/Paymentprofiles.html