PREPAID CARDS

Lost Generation Prefer Cash to Gifts

Money is the gift of choice for many youngsters this Christmas as young professionals feel the financial squeeze from all angles.

New research from the Payments Council showed those aged 18-34 years old, the ‘Lost Generation’, are turning to Santa for help with their bank balances.

If you are feeling the financial squeeze caused by the recession you may benefit from budgeting your income with a prepaid debit card.

The survey showed 40 percent would prefer money to a gift, 37 percent would prefer money to a surprise gift and even 23 percent would prefer cash to a specific item they put on their Christmas list.

Those aged 35 and over still prefer the romance of a surprise gift as 51 percent claim, while 19 percent wish to receive gifts of their own choosing.

“It seems that rather than requesting treats and luxuries this Christmas many younger adults are just hoping to improve their finances,” said Sandra Quinn, Payments Council spokesperson.

“A hardcore one in eight would rather send a gift they aren’t sure would be welcome, than send a financial gift instead.”

Prepaid Debit Cards

For those who are struggling in the current economic downturn, either through a redundancy, a lack of savings to get through a period of unemployment, or a salary cut, a prepaid card could help you budget the money you do have.

When times are tough it is more important than ever to get on top of your finances and know exactly how much is going in and out of your bank account.

Once you have worked out a budget for your everyday purchasing needs you can load this onto a prepaid money card to use in shops or even online.

The card is protected from fraud like a credit or debit card and the user is required to enter a PIN when using it.

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