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More than a third of young Brits are too scared to check their bank balance

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Young Brits are suffering from a fear of their own finances, according to a new survey, with more than a third too afraid to check their own bank balance.

A survey of 1,160 18-24-year olds found 36% are too anxious to check their account and face the truth of their own spending habits.

The findings from Oaksmore ISA suggest this anxiety is fuelled by a lack of financial security, with the majority of young adults (62%) saying they live month-to-month with no spare cash to build up any savings or make investments that could ease their fears.

This ‘finance-phobia’ is also preventing long-term financial planning with 83% of respondents saying they have no long-term financial plans or goals and just over two-thirds feeling pessimistic about their financial future.

Reuben Skelton, of Oaksmore ISA, said: “These findings suggest that young adults are failing to face up to their financial realities and, as a result, are struggling to put in place plans that would help ease their fears and improve their financial security.

“Greater encouragement and education is needed to help people begin to face these fears, putting plans in place to begin to give them a sense of control over their financial future.”

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