Sharechat Logo

Baby boomers renew fondness for credit cards, Veda Advantage says

Tuesday 22nd November 2011

Text too small?

New Zealand baby boomers – those kiwis aged between 44 and 62- have renewed their fondness for credit cards, with inquiries surging about 27 percent in the first 10 months of 2011.

Overall consumer credit card inquiries rose an annualised 3.7 percent and gained about 6 percent in the month of October, credit information company Veda Advantage said in a statement.

Credit card inquiries for Gen X, aged 28-43, increased 3.3 percent and Gen Y, 28 and under, rose 5.6 percent.

“We are continuing to witness a sharp change in consumer attitude towards credit compared with pre-global financial crisis appetites,” said John Roberts, Veda’s managing director.

Baby boomer applications for credit cards rose about 10 percent in October, the most for any age group.

For home loans, Gen Y showed the biggest increase in demand, with mortgage inquires jumping 36 percent in the year to date and gaining 23 percent in October from a year earlier, Veda said.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility
Tower Limited (NZX: TWR) Update on Tonga Volcanic Eruption and Tsunami Event
21st January 2022 Morning Report
Trade Window Holdings Limited (NZX: TWL) TradeWindow and Mastercard teams up
Genesis Energy Limited (NZX: GNE) FY22 Q2 Performance Report
Seeka Limited (NZX: SEK) Seeka announces dividend of 13 cents per share
20th January 2022 Morning Report
Z Energy Limited (NZX: ZEL) Q3FY33 Operating Data