Parents 'influence consumer spending patterns' - Credit cards - News - Moneyfacts


Parents 'influence consumer spending patterns'

Parents 'influence consumer spending patterns'

Category: Credit cards

Updated: 07/01/2009
First Published: 02/01/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Credit card customers who spend large amounts of money inherit the habit from their parents, research has suggested.

According to Skipton Building Society, more than 40 per cent of people say they have inherited traits from their parents.

And it is mothers who have the most influence, with nearly a quarter citing the female parent as the one they picked up their habits from.

But consultant clinical psychologist Dr Liz Mitchell suggested that spending patterns are affected by a variety of factors, remarking: "Wouldn't it be great to think we could blame our parents for our rather large credit card bills and tendency to splash out on everything from holidays to new cars?"

Head of Sainsbury's Credit Cards Donald MacLeod recently observed that consumers are increasingly switching from debit cards to credit cards.

He explained that these forms of finance are proving to be attractive because of special offers and the availability of reward credit cards.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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