Payments
Varo Bank survey finds inflation leading to 89% of customers using credit cards for essentials
May 8, 2024
Varo Bank released a study through Morning Consultant that found that 89% of customers rely on credit cards for essential purposes. The report surveyed U.S. adults across all ethnicities, education levels, generations and geographical regions, according to a press release.
Some key findings include:
- 58% of women and 49% of men report challenges paying bills.
- 45% say that the increase in living costs is their greatest source of stress.
- 69% said that they need access to fairer credit or more accurate credit.
- 38% said credit scores don't reflect their financial situation.
- 68% of women and 60% of men report everyday expenses being the primary reason behind increased credit card usage.
"Despite headlines of a strong labor market and record stock market levels, many Americans are feeling the sustained impact of inflation," Colin Walsh, CEO at Varo Bank, said in the release. "This data shows the need for financial products and services that can help people understand how they are spending the money they have, build their credit, and ultimately take advantage of high-interest savings. By empowering consumers with the right tools and knowledge, we can help them navigate this challenging economy."
