UK Finance Credit Card Expenditure Commentary from Victor Trokoudes, Plum

Victor Trokoudes, CEO and founder of Plum, commented:

“Contactless culture makes it easier than ever for consumers to spend money. At Christmas, spending becomes almost unavoidable. But with wage growth stagnating and inflation reaching record highs, all this spending can have consequences – consumer debt is rising steeply, while saving is often put on the backburner and considered “next year’s problem”.  

The truth is, tech can make it easier to spend, but also has the potential to help consumers manage their money better, by making smarter financial decisions on their behalf. Digital tools can not only take away the stress of keeping track of your spending, but act as an intuitive guardian of your money that automatically saves for you, without having to adjust your lifestyle or stick to budgets. With the advent of Open Banking in 2018, it will be even easier than ever before to make your data work for you, making saving money effortless.”