Prepaid Debit Cards Prevent Over-Spending

Published on 1 January 1970 by Raffick Marday

The recession has caused the nation to worry about their financial security more, but research shows this has not altered their attitude to saving. Find out how a prepaid debit card could help you budget.

A survey by HSBC of 1,100 adults showed 76 percent were worried about their financial position in the current climate and the same amount admitted to feeling less secure regarding their income.

However a huge 68 percent had not changed their spending habits to achieve more control and financial security.

“With nearly eight in ten Britons worried and insecure regarding the current economic turmoil you would expect them to be spending and borrowing less and saving more,” said Richard Brown, HSBC’s head of savings.

“Our research shows that only minority have actually altered their financial habits.”

Of the 34 percent who said they had altered their spending habits, only 19 percent now spend less and 15 percent spend more.

Women were shown to have changed their spending more than men as 21 percent said they now spend less compared 17 percent of men.

Younger people have had to reduce their outgoings the most as 26 percent of the 18-24 year olds admitted to having to do this, whereas 17 percent of the over 55s claim they now spend more.

Those in the North East are spending less with 31 percent having reduced their outgoing habits compared to the East Midlands where 19 percent were found to be spending more.

Prepaid Debit Cards

A prepaid debit card does not have an overdraft facility like a credit or debit card so a user cannot spend more than they have loaded onto it.

The card can be made to make purchases in shops and online and it is protected by chip and pin to prevent fraud.

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