People lose an average of $365.00 (R3 373.00) every year because of cash left forgotten in the house or car, or unused foreign currency from a holiday or business trip.
A Visa Payment Attitudes Study shows that busy lifestyles mean consumers often lose track of the little things around them – such as loose change. They are leaving an average of $80.00 (R739.00) lying around in cars, homes and offices unclaimed at any one time.
Among all the surveyed markets, the Japanese have an astounding $337.00 (R3 114.00) in loose change just lying around forgotten and unused. South Africans are among the most frugal with $41.00 (R379.00) being left around.
Returning home from vacation with a pocket full of coins and foreign notes is also a common occurrence. According to the study, people are bringing home on average $285.00 (R2 633.00) in unused foreign currency. Singaporeans are bringing back a whopping $625.00 (R5 775.00) in their pockets. This is vast when compared to South Africans who bring back $14.00 (R129.00).
“Keeping track of cash can be a hassle, especially with today’s busy – and increasingly globe-trotting – lifestyle. At the same time, people need a secure place to store their funds that they can access anytime, anywhere. We’ve long known that carrying cash can be inconvenient and unreliable, and we now know from this research that consumers are out of pocket by using cash too,” explains Mandy Lamb, country manager for Visa in South Africa.
The Visa study also revealed other interesting findings on South Africans and their payment habits:
- * South Africans visit banks/ATMs and spend an average six minutes per visit, accumulating to 21 minutes for per month for bank/ATM transaction;
- * When it comes to online payments, at least half of South Africans are inclined to use this payment method for paying utility bills online; and
- * Most South Africans spend on groceries, transportation and retail with debit cards being one of the top payment methods used.
“These findings show a gradual migration from traditional methods of payments to electronic such as debit and online. In the bigger scheme of things, this is reflective of the lifestyle change of South Africans who are opting for products that offer convenience and safety,” Lamb says.
