The research, conducted by International Currency Exchange (ICE), showed that both income and age played a significant role in making payment choices.
While 74% of people earning less than £10,000 would prefer to pay using cash while in a foreign country, that figure dropped to 58% for people earning more than £40,000. Eighty-four percent of those aged between 18 and 24 said they prefer to use cash over card, compared to 65% of 55 to 64-year-olds.
Koko Sarkari, CEO of ICE, says: ‘It’s interesting to look into the nation’s spending habits and look into what the norm is for us Brits when we go away. Using cash seems easier when it comes down to going abroad. This could be for many reasons. One of them is that it’s easy to manage and stay on top of our spending.’
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