Some people love credit cards. And getting cashback and perks from everyday spending can be lucrative for those willing to shop around for a deal. But some Brits tell us that they spend a staggering £1,000 a month or more on credit card purchases. Who are these big spenders?
YouGov Profiles data reveals that Brits spending large amounts on their credit cards are typically male, with 61% of those adults spending over a thousand pounds a month on credit being male.
Big credit spenders are also much more likely to be older; 43% who spend over a thousand a month on credit card purchases are aged over 55, with only 4% of this group being under the age of 25.
The most common demographic for these credit spenders is men above the age of 55, who make up a quarter (25%) of adults spending over a thousand each month on credit.
The financial attitudes of these big credit users is also significantly different to that of the general population, for example 84% of adults spending over a thousand on credit card purchases think they manage their finances well compared to 70% of the general population.
The biggest difference between the groups however is that adults spending big sums on credit are more likely to describe themselves as being in a good place financially. Approaching eight in ten adults spending over a thousand a month on credit say they consider themselves financially secure, compared to 54% of the general population - a difference of 24 percentage points.
Adults spending big on credit are also more likely to look for ways to invest their money, by a margin of 21 percentage points. Nearly two thirds (64%) say they look for ways to invest, compared to 40% of the general population.
These adults are also more likely to have more than one bank account than the general population by 64% to 48%, as well as more likely to follow economic news when making purchasing decisions by 47% to 29%