POUND NOTES
CREDIT CARD SPENDING DOWN
CREDIT card spending halved during the first full month of the coronavirus lockdown as shoppers turned their backs on big-ticket purchases such as white goods and holidays.
In April, the number of credit card transactions by UK cardholders recorded a 45.9% annual fall to 163 million, the lowest level in over nine years.
The total value of credit card transactions in April fell to £8.7bn, a 50% fall compared with April 2019, the figures from trade association UK Finance show. In contrast, debit card use remained robust.
While the number of debit card transactions in April was 5.1% lower than the previous year, the total value of transactions increased by 0.9% to £51.8bn.
MEN OVER 50 HAVE MORE SAVINGS THAN WOMEN OF THE SAME AGE
SUNLIFE’S Finances After 50 report has found that men are more likely to save regularly, save more each month on average (£174 v £127) and have considerably more put away – £89,843 on average compared to £45,954 for women.
This is despite the fact that men are no more likely than women to have savings and investments.
The report studies the day to day finances of more than 3,000 over 50s UK households.
Simon Stanney, Non-life Business Director at Sunlife said: “One in five over 50s has no savings at all which could be why many are concerned about their financial future. Almost half say either they don’t think they have enough money for retirement or are not sure.
“However, our research also reveals that 18% of over 50s don’t budget. So it could be the case for many that just taking control of their finances, making sure they are not overpaying on bills, or overspending on things they don’t need could create a better financial position and some wriggle room to put some savings aside.”