You are here: Home - Credit Cards & Loans -

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

Written by:
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.

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Nurses get the best cover behind the wheel

Public sector workers top the list of jobs that enjoy low costs cover when it comes to car insurance, according...