Study Finds Debit Card Usage by Women Has More than Doubled Since 2003
Study Finds Debit Card Usage by Women Has More than Doubled Since 2003.
Purchase, NY.- A growing number of women use debit cards to manage personal and family finances, according to the results of the “Women in the Financial Marketplace” analysis, part of the Yankelovich MONITOR 2006/07 study. The study, commissioned by MasterCard Worldwide, found that debit card usage by women has more than doubled since 2003, growing from 20 percent to 43 percent.
Managing Personal Finances
The research revealed that 77 percent of women surveyed under 55-years old have primary or shared fiscal decision-making responsibilities with 85 percent indicating that they are increasingly using their debit card to help manage personal finances. The results also show that women are more likely than men to feel the pressures of home, family and finances.
“We found that with their added responsibilities, women today are time starved and looking for financial management solutions that can simplify their lives and free up more time. In fact, the average woman is cramming 38 hours into a 24-hour day*,” said Patricia Preston, Group Head, Debit Product Management – Americas, MasterCard Worldwide. “And, women now represent 61 percent of the most frequent debit card users, relying on debit for the purchasing flexibility and management it affords. Debit MasterCard cards offer women a quick, easy payment solution that helps make a woman’s day a bit easier.”
Furthermore, a recent MasterCard lifestyle survey found that fewer women find time to treat themselves. A study of 1,000 women 24- to 45-years old found that 60 percent of women pamper themselves only once every three months or less. The study also found that 34 percent do not put money aside while 53 percent allocate less than $25 a month to treat themselves. Results showed that when women do treat themselves they use their debit card to pay nearly half of the time (47 percent).
To reward debit MasterCard card users, MasterCard Worldwide is giving its debit cardholders the chance to win a $1,000 monthly bonus for 10 years.** Between May 1 and June 30, debit MasterCard cardholders are automatically entered in the MasterCard Monthly Bonus Sweepstakes every time they sign for a purchase using their debit MasterCard card. Transactions at restaurants or purchases made by tapping a Debit MasterCard PayPass earn double entries.
The MasterCard Monthly Bonus Sweepstakes promotion will be supported by an integrated marketing campaign that will include online, print and broadcast executions of the award-winning Priceless® advertising campaign in addition to viral marketing. MasterCard will provide in-branch communications and direct marketing support to participating customer financial institutions.
About the Women in the Financial Marketplace Study
The “Women in the Financial Marketplace” analysis is part of the Yankelovich MONITOR 2006/2007 report. The study was conducted in 2006 and included in-person, phone, web interviews with 4,110 adults of which 1,481 were women under 55.
*March 2004 collaborative report from Yahoo! and Starcom MediaVest Group with data from Just Ask a Woman and TNS Media Research.
** NO PURCHASE NECESSARY. Void where prohibited. PIN-based & international transactions ineligible. Starts 5/1/06. Ends 6/30/07. Restrictions apply. Call 1-800-MC-ASSIST or visit www.priceless.com for Official Rules & complete details.
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