Gen X The Most Likely To Use Credit Cards For Gambling
So vastly does Generation X differ from millennials; and even more so from those who make up Generation Z, that the differences in their approach can even be seen in the types of cards favoured to pay for something like gambling - or, as it were, online gambling. Generation X online gamblers are much more likely to pay for the fun with a credit card than what are their millennial friends, a new study conducted by PXP Financials now shows.
The survey conducted its research at ICE London and found that nearly half of the group used a debit card as the main method for parting with cash. This statistic relates to online gaming as well as online betting. Generation X doesn’t seem to have any problem at all with the use of credit cards online, as opposed to millennials, who seem to be fonder of the good old debit card.
Debit vs. Credit
Whilst 49% of millennials present as part of the study used their debit cards to pay, only 29% of those born between the years 1965 and 1980; i.e. classic Generation X; did so. Millennials, or in other words, those born between the years 1981 and 1996 seemed to far prefer the use of a debit card as opposed to swiping away with a credit card.
Generation X appeared to be especially fond of credit cards, with at least 59% of survey participants who fall within the parameters of this age group, showing a preference for credit over debit. It’s not clear how this compares with, for instance, usage by millennials.
UK Bans Credit Card Gambling
The study was conducted to help ascertain what impact the upcoming ban on credit cards as acceptable gambling tender by the UK Gambling Commission can be expected to have on overall spend. When posed with this particular question in its raw format, at least 55% of all participants indicated that the upcoming amendment to gambling guidelines would to their minds translate to a very negative impact on the industry. Most said that they thought that paying by credit card was as standard a thing as ever and that the UKGC’s new approach makes not a great deal of sense.
Interesting to note too is that across the board, each age category indicated that it considered its own age group to be the one to spend the most on online gambling.