The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Knowing The Value Of Things
Like it or not we are in a digital age and this has changed the way we lead our lives completely over the last decade or so. Everything, from how we interact with each other to how we buy everyday items or even large purchases be they houses, cars or tech, is now available digitally.
Financial experts Money Guru surveyed 1,500 Brits about the value of things, from everyday essentials to non-essential frivolities. They uncovered a number of interesting consumer results.
You only have to look around your local high street to see the knock-on effect of this change, stores and banks are closing as our online spending trend increases and our need for immediate gratification grows. Money guru’s results show that 25% of under 25-year olds have never been inside a bank tending to use online apps and online banking, and approximately 80% of shoppers have made at least one online transaction.
Credit card and Paypal users are the furthest removed from knowing the value of the items they buy, but did know the cost of more frivolous items, whilst up to 80 % of the old school users of cash had a good knowledge of what the items they were buying cost, from a loaf of bread to a car.
The drift away from actual physical money has led to a lack of understanding of the basics of spending with many now relying on apps to tell them how much they have spent and what their available balance is.
It has also become the norm for younger spenders to have more than one bank account. They regularly shop around for the best deals when either spending or saving to make their money go further.
To continue reading more about this topic, visit MoneyGuru’s The Value Of Things.