Jamie Anderson , Chief Revenue Officer at Emburse
of late fees ( 28 %) and low credit limits ( 12 %) were other reasons cited
• Preference for corporate cards also include a dislike for mixing personal and business spend ( 34 %) and ease in managing expenses at the end of a trip ( 24 %) offering an effective way to more effectively control and track businesses spend .
Key findings :
Young workers with precarious finances worry about mixing business ' and personal expenses .
• In general , over half ( 55 %) of employees aged 16 – 34 would use a corporate card if given the choice , compared to 41 % of those over 55
• Ninety-four percent of young employees cite long expense reimbursement processing time , risk of late fees , preference for not mixing personal and business spend and streamlining the expenses process , as the key reasons for wanting a corporate card
• Of those who would prefer to use a corporate card , 40 % cited concerns about their own finances
• Exacerbated by the length of time it can take for expenses to be processed incurring the risk
Jamie Anderson , Chief Revenue Officer at Emburse , said : “ Lots of us are feeling the impact of rising prices , but one size doesn ’ t fit all . Those with a lower income , many of whom are young professionals , are now finding themselves stretching their pay checks even further to cover the rising costs of rent , bills and groceries . Just last year , the London Institute of Banking and Finance discovered a staggering 81 % of young people feel anxious about their finances . This age group feels increasingly isolated as they try to decide which trade-offs to make so that ends meet .
“ What it means is companies desperately need to listen to their employees and respond accordingly to support them during the current economic squeeze . Given almost half of young workers say that cost of living makes them want a company card to pay for their expenses upfront , demands can ’ t continue to go unanswered . Not to mention , young workers on lower salaries may not have generous access to credit . So the prospect of asking young people to put through business
THOSE WITH A LOWER INCOME , MANY OF WHOM ARE YOUNG PROFESSIONALS , ARE NOW FINDING THEMSELVES STRETCHING THEIR PAY CHECKS EVEN FURTHER TO COVER THE RISING COSTS OF RENT , BILLS AND GROCERIES . www . intelligentcxo . com