People under the age of 30 are spending 7% less on non-housing items, when compared with the same age group in 20013. However, the spending of those over 65 has risen by 37%. The research highlights that the large gains in living standards previously experienced from one generation to the next are now ‘less of a given’.
CREDIT CARD DEBT THROUGH THE ROOF
With lower interest rates fuelling a decade-long consumer borrowing binge, it’s unsurprising that recent Bank of England figures detail UK credit card debt now standing at a record £72.9 billion. However, the data confirms that there has been a slowdown in the growth in borrowing, suggesting people have begun to moderate their spending.
IS CASHLESS KING?
The decline of free-to-use ATMs and continuation in bank branch closures have been key drivers in the rise of contactless payment. This trend continues to gain momentum, with church collection plates amongst the latest to adopt new payment technology.
3Resolution Foundation, June 2019