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‘Banxiety’ grips Brits as 9m bank statements go unopened

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29/10/2012
Brits are a nation of ostriches who bury their heads in the sand when it comes to their personal finance, according to a recent report by Barclays.

‘Banxiety’ is gripping the nation as over a third of those that receive paper statements refuse to open them, while almost half unable to say how much they have in their main current accounts.

For the younger generation, opening up a bank statement is on par with going to the dentist.

More than half 55% of 18-24 year olds that receive paper statements admit to putting off opening their statements, compared with a national average of 48% for avoiding booking dentist appointments.

Dan Wass, Barclays managing director of current accounts, said: “We’ve all been guilty at some point of sticking our heads in the sand when it comes to our finances.

“No-one really wants to know they don’t have enough money for something they’ve spotted in the shops do they?”

30% of UK adults have gone to pay for items without having any idea as to how much money they have in their accounts. And not knowing if the transaction will go through.

Wass added: “While the research may reveal that Banxiety is more common amongst the younger generation, luckily, there are some pretty quick and easy cures.

“Services such as mobile banking apps, SMS balance and limit alerts to keep people in touch with their bank balance at any time will help remove the dread-factor and reduce the nation’s symptoms.”

25% of Londoners put off checking their statements, whereas 44% of people in Scotland admit to leaving their statements unopened on the sideboard.

The current economic climate is also taking its toll, with 13% admitting they are more likely to put off looking at their statements now than they were five years ago pre-recession.

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