Nearly 80% of 18 to 24 year olds want control of their contactless spending limit

In advance of the October increase to the limit for contactless payments, a recent survey by KIS Finance has found that younger people are really keen to have greater personal control over their finances.

Key Statistics:

• 78.2% of 18 - 24 year olds want to set their own contactless limit

• 54.5% of 18 - 24 year olds are happy for the contactless limit to increase to £100

Younger generation prefer a personalised approach to their money

Whilst only 60% of those over 65 are interested in setting their own contactless spending limit, those aged 18 to 24 are far more concerned with having personal control, with nearly 80% wanting to be in control of their contactless limit.

Having grown up in the digital age, Generation Z (those born between 1997 and 2012) appear to be more comfortable with contactless technology than older generations. It also seems that they are keenest to see spending limits on contactless payments increase, with nearly 55% happy with the rise to £100 from this October. 

The ‘digital native’ generation is clearly focused on self-managing their money and state that avoiding debt is one of their main concerns. Set against the backdrop of the pandemic and the current economic and social pressures faced by young people, many are keen to do things differently when it comes to managing their finances. 

Holly Andrews, Managing Director at KIS Finance says:

"The pandemic has impacted on many people’s finances but especially on the younger generation, who have been some of the hardest hit by the last 18 months. It’s therefore not surprising that they tend to be very focused on taking control of their money.

The inclusion of financial literacy programs in the national curriculum in secondary schools since 2014 may have played some part in encouraging people to take a more active role in managing their finances from a younger age.

Being able to set their own contactless limit is particularly important as they look for ways to control their spending and avoid unnecessary debt. The ease and speed of contactless payment means that it’s all too easy to let spending get out of hand, so being able to set a limit that suits their own needs is a priority for many Generation Z’s."

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