Young people 'more likely to use debit cards'

Friday 28 September 2012

Article by Mozo

Data analytics company Quantium has reviewed 300 million credit and debit card transactions of anonymous National Australia Bank (Nab) customers and revealed that younger consumers tend to move debit cards more than credit cards.

Young people 'more likely to use debit cards'

NAB general manager cards and personal loans manager Michael Shurlin said this level of prudence among Generation Y customers – those born between the 1980s and the 2000s – is not unusual.

"We were seeing stronger growth amongst the younger generations opening both transaction and savings accounts," he told the Australian.

However, Generation X – those born following the post-World War II baby boom generation – are using credit cards more often as they struggle to cope with household bills and daily expenses.

The Nab has recorded an "increase in the number of older consumers taking advantage of rewards credit cards", confirmed Mr Shurlin.

A prior Nab survey revealed that Aussies are 45 per cent more likely to use their credit cards at shops that are not supermarkets.

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