Who spends over £1,000 a month on credit cards?

YouGov
August 03, 2020, 8:01 AM UTC

Big credit spenders are more likely to be men, and they believe that they take good care of their finances

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%

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