Over 50s turn to credit card spending online

Published on 1 January 1970 by Raffick Marday

It seems online shopping is not just for the young as more and more older people are turn to the internet for regular shopping sprees.

New figures have revealed that the older generation are perfectly capable of buying on the internet as an increasing number of over 50s are spending money on a regular basis online.

compare-credit-cardsFindings from an analysis on spending habits on credit cards have shown the total number of online purchases made by Brits aged over 50 has soared by 25 percent since 2010.

Out of all online credit card purchases, those made by the over 50s make up £1 in every £8 spent on cards.

When compared to online spending by the over 50s two years ago, just £1 in every £13 was spent by older people.

Online shopping is a trend that is fast growing in popularity as the Office for National Statistics figures show that online sales jumped a considerable amount in May and now total 8.8% of all sales.

The over 50s seem to spend money online by purchasing books and music, as transactions for such items have risen massively since 2010 as an increase of 4,436% and 738% has occurred respectively.

Sales of both music and books are said to be encouraged by the popularity of music downloads from websites such as iTunes and deals offered by Amazon on books and other items.

Out of all over 50s in the UK, 27% now own a tablet computer, iPad or smartphone which influences online purchases.

Saga chief executive Roger Ramsden says: "Today's over-50s embrace new technology and are not fearful of it - they are savvy and confident shoppers online and enjoy the convenience and ability to shop around at the click of a mouse."

The research informs that on average over 50s spend £45.33 on concerts, £31.37 on internet dating, £20.08 on books, £11.58 on video games and £5.16 on music.

Individuals of all ages are turning to online shopping by using their credit cards but to make sure Brits are not losing out on rewarding rates it is important the market is compared first.

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