Brits Cautious with their Credit Cards

While more than 70% of British consumers own a credit card, consumers in other parts of Europe - particularly Eastern Europe - are far less likely to use plastic. However, around half of British card owners pay the full balance on their card each month, according to the latest Global TGI survey.

The survey brings to light significant differences in attitudes towards credit and loans between consumers across the world. For instance, Spaniards are among the most concerned with avoiding debt, with more than 80% saying they do not like the idea of owing money. Germans are slightly more open to borrowing: a third have used some form of credit to buy an expensive item in the past year, compared with just 20% of those in Serbia and Poland.

When it comes to building a nest egg, 40% of consumers in South Africa feel they are no good at saving and a third of Mexicans confess to spending without thinking. However, in Uganda two thirds of respondents believe they are very good at managing their finances, and in Egypt, two thirds would be prepared to save up for something they want rather than reach for their credit cards.

A mixed picture emerges from Asia, with more than 40% of people in Taiwan owning a credit card, compared with fewer than 1 in 10 people in China.

The Global TGI network runs consumer and media studies in more than 50 countries, and is operated by KMR – part of the Kantar Group. It is online at www.tgisurveys.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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