Consumer Payment Card News

Mystery Spending

Cash slips through the pockets of Americans each day and by the end of the week memory fades. A new survey has found that 48% of Americans suffer from “mystery spending.” The VISA USA survey found that Americans lose track on average of $2,340 annually. Nearly half of consumers say they cant account for more than one-third of their cash, spending an average of $120 in a typical week, but losing track of $45. According to the survey 7% lose track of $100 or more each week. One in five people who admit to misplacing more than $25 in cash per week say their mystery spending is “out of control,” and 62% feel that “small cash purchases make it difficult to track spending.” Furthermore, 47% say that “mystery spending makes budgeting difficult.” Americans ages 34 and under – especially men – are the biggest mystery spenders losing track of an average of $3,078 per year. VISA obviously suggests that the cure for “mystery spending” is to put small transactions onto plastic.

Leave A Reply