Age affects money attitudes, survey shows

The difference between young and old demographics in terms of credit card spending has been revealed in a new study.

Conducted by Confused.com, the survey indicated that 77 per cent of those in their early 50s are not concerned about being refused credit cards, with 83 per cent failing to check their scores when applying.

In contrast, 34 per cent of people in their early 20s cannot get credit, either immediately or following a referral.

Head of credit cards at the price comparison site Joanne Garcia noted that those with credit balances need to “make every effort to clear them” and “ignoring the debt”, which could result in the closure of an account, “is not advisable”.

She went on to suggest that such activity will have a lasting effect on credit ratings and may make financial matters more difficult in the future.

Earlier this month, Ms Garcia observed that young people who are financially aware are looking ahead and seeing problems with obtaining cards and loans, as well as decent mortgages.

By Sarah Adie