Hidden credit card purchases are causing rifts between couples, with one in ten cardholders separating or divorcing their partner as a result, according to research from MoneySuperMarket. They surveyed consumers about their credit card spending habits, and the results reveal that one in ten people have either separated from their partner or even gone as far as divorcing as a result of being found out for secret spending. A further 9% also admitted that secret credit card spending caused arguments with their partner. Of the 15% who confessed to lying to their other half about their credit card spend, a third said this was because they knew they would be angry, and a further one in three said they knew their partner wouldn't approve of their spending.
The research also found that women have a much guiltier conscience when it comes to credit card bills and are 60% more likely to hide a statement from their other half. This is despite the fact that men actually splash out almost £100 more per month on average, spending £360 in comparison to their female counterparts who spend £274 each month.
Another piece of research, conducted by neuroscience research agency Mindlab found that presenting information about retirement in a positive tone, highlighting practical steps for finding out more information or taking action could help people to feel more motivated and positive about the future. Conversely, adopting a negative tone - or fear factor - was least likely to help people, particularly where guidance on what to do next was not included. Findings also suggest that positively toned and helpful communications about long term savings stimulate the hormone dopamine, reducing anxiety, and encourage production of oxytocin leading to feelings of happiness.
Just last month, Bank of New Zealand added a new tool to its Website called EmotionScan, which uses advanced facial recognition software to help customers explore their emotional attachment to their personal finances. It's the first time the software has been used to gauge people's emotional response to their financial situation. It was initially developed to help with researching consumer reactions to advertisements and new product development ideas.
So if you know someone who is frugal with their money it's not because they're tight they're just very emotionally attached to their personal finances.
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"This was a major business transformation that required us to build an excellent team made up of internal bank specialists, supported by external card business, technical and operations expertise. Savantor provided specialists from the local market and with international experience to fill a variety of important roles. The Savantor resourcing team are professional, reliable and good people to work with."
Ricardo Gomez, Director - Operations & Technology - WiZink Bank - Spain
"Savantor brought an independent perspective and valuable insight that enabled Rabobank to ratify options for delivery and future growth and make informed business decisions in support of our target business model. Having used Savantor on a number of strategic projects, we have no hesitation in recommending their services to others."
Evert R Fekkes, SVP Payment & Savings Services - Rabobank - Nederland
"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."
Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland
"Savantor did a superb job in confirming what we believed was an area of weakness. The detail we now have will enable us to agree internally what we need to do to improve structure, control and income. Nationwide management were very impressed with the quality of the Savantor team."
Adam Slater, Senior Manager - Banking - Nationwide Building Society - UK
"It was a strategic imperative for the bank to be EMV compliant for our payment cards and the experience that Savantor brought to the company has proved to be invaluable."
Eddie Sweeney, Chief Technology Officer - AIB Bank - Ireland
"Savantor successfully advised Rabobank during preparing of the platform migration for cards. Savantor demonstrated thorough knowledge of business processes and market players combined with a practical approach."
Evert Fekkes, Business Information Manager - Rabobank - Nederland
"Savantor brought an effective blend of European acquirer market expertise and transaction processing solution design. Their experts quickly forged strong working relationships with our team. We enjoyed working with them to create our future acquirer strategy."
Mikko Hyttinen, SVP - Lending Services - OP-Pohjola Group - Finland
"I was impressed by the speed with which the Savantor team were able to start delivering and as a team they have made a significant contribution to the success of the Programme."
Bjorn Niels, Programme Director - ABN AMRO Bank - The Netherland
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