You are here: Home - Saving & Banking - News -

Ignorance is bliss?

Written by:

UK consumers are burying their heads in the sand when it comes to their current accounts, and perhaps missing costly errors in their statements. Pauline McCallion reports  
Almost 1 in 5 UK current account holders do not open, read or check their bank statements, according to new research, with only 16% keeping track of their finances on a day-to-day basis. The survey from the Royal Bank of Scotland (RBS) showed that, of those who do claim to check, 23% fail to do so regularly.

Despite this, 20% of the respondents said they were aware of their bank balance at any time within a £50 error margin. And no wonder, considering that 63% of account holders are completely reliant on their current account for day-to-day money management. Older survey respondents were more likely to know the precise balance of their account at any time, with 54% of those aged 56 or over knowing this, while only 17% of those aged under 25 did.

Face to face contact with branch staff was an important factor in their finances for 71% who said that they value the ability to drop in to their local branch to talk about their finances. However, 54% of account holders admitted to actually only visiting their branch in person once a month at the most.

Alternatively, almost two thirds of consumers use the Internet to keep up with their finances – 17% log on every day, according to RBS. The research also showed 25% of account holders aged over 55 check their balance online every day. Surprisingly, though, younger respondents aged between 16 and 18 are more likely to bank via the telephone than older account holders.

Allan Hardie, head of current accounts at RBS, says: “The fast pace of modern life means that everyone needs a current account that will work hard for them.

“Our research reveals that 63% of account holders are completely reliant on their accounts, but our findings suggest that despite this, people may not be making the most of the products and services available to them.”


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:
Cash machine charges under fire

Cash machines charging customers for making withdrawals are becoming more common and MPs want more action to protect consumers from...