Research by the UK’s largest discount website has revealed that Britons that pay on card when they go on a night out or to a social gathering end up spending three times the amount when compared to those that take cash along with them to pay for everything; suggesting Britons are more likely to save money if they carry cash.
Carrying cash instead of a credit or debit card to pay for items on nights out could end up saving Britons money in the long run, as new research by the UK’s largest money saving website has found that those paying on card tend to spend three times the amount as those paying with actual money; presumably due to the fact it’s easier to keep track on cash spending.
www.MyVoucherCodes.co.uk conducted the poll as part of research into the spending and saving habits of people around the UK. 1,551 Britons aged 18 and over took part in the study and answered questions about their typical spending habits on a night out. All respondents had been on a night out in the last month.
When asked, ‘On your last night out, did you pay with cash or on a credit/debit card?’ the majority of respondents, 51% said ‘credit/debit card only’. 36% said ‘cash only’ and the remaining 13% used a mix of the 2 methods of payment.
All respondents were then asked how much they spent on their last night out, with the results for each payment method as follows:
- Credit/debit card only – £94.00*
- Cash only – £31.00
- Mix of cash and credit/debit card – £62.00
*average amount spent on a night out by people using this method of payment
All respondents were then asked why they opted for certain methods of payment over others on a night out. Of those who selected ‘credit/debit card only’, the majority, 55%, said it was ‘more convenient’, whilst 21% worried about losing money and 13% had concerns about their money being stolen.
Those respondents that said they paid for their night out with ‘cash only’ were also asked why they chose this option. The overwhelming majority, 71%, said it was in order to keep track of how much they were spending/stick to their budget; which was perhaps reflected in the spending differences between those paying on card and those paying with cash.
Mark Pearson, Chairman of MyVoucherCodes.co.uk, said the following:
“Clearly, taking cash on a night out with you will save you a huge amount of money. It makes sense really, because if you physically have your money in front of you, you’ll know when you’re running out and should slow down.
“It’s easy to lose track of how much you’re spending when using a credit or debit card and Britons really should be careful. There’s nothing worse than checking your bank balance after a night out and realising you’ve gone a bit over the top! My advice would be to think up a budget for a night out and take the cash, but have a credit or debit card for emergencies only and don’t be tempted to use it when you run out!”
For more information please contact Shannon Haigh of 10 Yetis Public Relations Agency on 01452 348211 or firstname.lastname@example.org.