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March 2023 - Financial Services

Young employees prefer to use corporate credit cards for work expenses with cost of living crisis cited as main reason: A survey has revealed that many people do not want to put work expenses onto their personal credit card due to their own personal finances. Despite this, only one in 10 are required to use corporate cards for business purchases.

The survey by Emburse polled 1,242 employees at UK businesses about their company's expense processes. It found that 16-34-year-olds were the most likely to prefer corporate cards over using their personal cards, with more than half (55%) saying this. Of these, 47% cited the main reason as the current cost of living crisis, with 78% of 16-24 year-olds reporting that they have experienced cost of living increases since last year, compared to just two-fifths last year (42%).

In comparison, 41% of employees aged 55+ said they would prefer to use a corporate credit card rather than their personal account or credit card.

Two-fifths of respondents said that concerns over their own finances was a reason why they preferred to use a corporate card, while 28% said they worried about late fees due to the length of processing time it took for their company to reimburse them. Furthermore,  12% cited 'low credit limits' on their own personal card as a source of stress when they had to use it for business expenses. 

The research also highlighted that respondents do not like mixing personal and business spend (34%), and found it easier to manage expenses at the end of a trip when using a corporate card (24%).

When younger resepondents were asked about the reasons why they would prefer a corporate credit card,  'expenses being reimbursed taking too long' was the top answer given (95%), with other reasons including: 'risk of late fees', 'not mixing personal and business expenditure', and 'streamlining the expenses process'.

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