The proportion of Australians 18+ who have a debit card has increased by nearly 90% when compared to nearly 2 years ago; increasing from 19.5% in January 2010 to 36.6% in November 2012. These are the latest findings from the Roy Morgan Research Finance Single Source survey.
In contrast to the rapid growth of debit cards, the proportion of people who have a credit card had declined slightly from 47.8% to 43.3% across the same time period. Ownership of charge cards remained relatively steady.
Norman Morris, Industry Communications Director, Roy Morgan Research says:
“As consumers are becoming more wary of debt, the types of cards they own seem to reflect this shift. Card providers would need to be mindful of this market trend and make the necessary adjustments to their product offering in order to maintain their appeal in the changing consumer cards landscape.”
Roy Morgan Research
Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
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