Here’s a quick question for you:
A notepad and pen together cost £1.10.
The notepad costs £1.00 more than the pen.
This examines why people often act against self-interest. Examples might include:
- - having both money in savings and credit card debt (where saving get a paltry return and credit card interest rates are mammoth)
- - Or the strange fact that people are willing to pay more for something when buying with credit card than they would pay if they had to hand over the cash.
- - Or people who stay loyal to a bank yet moan about the service they receive
It seems a no-brainer to me.
- · 66% of reflectors pay off their credit card in full every month (43% of intuitors do)
- · Twice as many intuitors than reflectors pay off only the minimum on their credit cards
- · Almost one in four reflectors have changed where they bank at least twice (43% of intuitors have never changed bank)
- · 87% of reflectors have money in savings (70% of intuitors do)
- · 1 in 3 people over the age of 55 have always been with the same bank.
- · Only 1 in 5 young people (18-25) pay off their credit card balance in full every month.
- · Men are more likely than women to pay off their credit card in full each month (63% vs 48%)
- · 1 in 3 young people (18-25) have no savings (i.e. for non-retirement or emergency purposes)
- · 1 in 4 people aged 25 to 55 have no savings
- · Most (92%) over 55s have savings
More info from first direct's newsroom