YOUNG WORKERS MOST LIKELY TO OPT FOR CORPORATE CREDIT CARDS DUE TO FINANCE WORRIES , SURVEY REVEALS
A report by Emburse has revealed that the younger workforce is feeling the pinch when it comes to finances . In a survey which looked at expense processes within UK businesses , it was the age group of 16 – 34-year-olds who were most likely to prefer using corporate cards to pay for expenses than using their own personal cards . And the majority of these said this was due to the cost of living crisis . Jamie Anderson , Chief Revenue Officer at Emburse , explained why companies should take the time to address this .
Concerns around tight personal finances are putting people off using their own credit cards for work expenses , according to research commissioned by Emburse , a global leader in spend optimisation . The research also showed that companies were slow to respond to the demand , despite an increase in expense fraud related to current economic conditions .
The survey was conducted by Censuswide and looked at expense processes within UK-based businesses . Questions were asked to 1,242 employees about business policy enforcement in relation to spend and employee preferences around expensing business travel and other related costs .
The data show that 16 – 34-year-olds were most likely to prefer corporate cards over personal cards , at 55 % of respondents – the largest of any age group . Of these , 47 % cited the cost of living crisis as the key factor . This comes at a time when 78 % of 16 – 24-year-olds reported cost of living increases , up from 42 % in January / February 2022 .
However , the survey revealed just 6 % of employees at mid-size and larger ( 500 + employees ) companies are required to use corporate cards . With companies experiencing soaring cases of fraud due to cost of living hikes , the majority of organisations continue to shun corporate cards . This is despite business cards ’ ability to minimise the risk of wasteful or fraudulent claims , while