The truth about the way we manage money

APACS, the UK payments association, has published a new report – Payment Myths – that uncovers the facts behind payment trends in Britain. The booklet uses statistical evidence to help consumers better understand the payment options available to them and offers advice on the best ways to manage their finances; no matter what payment method they use.

The Payment Myths report uses APACS statistics to show examples of the way we use cash, our susceptibility to fraud and the new demographic make up of online bankers – to name but a few.

Sandra Quinn, director of communications at APACS, said: “The Payment Myths report offers some interesting insights into payment behaviour amongst British consumers and looks to shed light on some common misconceptions.”

“Despite growing acceptance and familiarity with the variety of payment methods available to consumers today, common stereotypes remain. While new technology means we can now bank online 24 hours a day or have our groceries delivered with the click of a mouse, traditional methods like cash and cheques continue to endure.”

APACS Myth Buster

Myth: People only use cash for small value items

Fact: Of all payments over £50, we are more likely to use cash than credit cards

Myth: People don’t pay the monthly balance on their credit card

Fact: 68% of people usually or always repay their credit card balance in full

Myth: Over 65s don’t use online banking

Fact: The over-65 age group is one of the fastest growing groups in terms of online banking users

Myth: No one uses cheques anymore

Fact: There is almost the same number of payments made by cheques as by credit card