A third of young Brits are too scared to check their bank balance
New research reveals that 32% of young Brits avoid checking how much money they have and that 34% of 18-24 year olds expect to get into debt this year.
The survey of 2,000 people by Intelligent Environments, a financial services provider, also found that almost half (46%) lose sleep over their debt.
Only a third (33%) feel their bank provides them with the necessary digital budgeting tools while 22% say they would be less likely to go into debt if their bank provided them with better digital management tools.
But it’s also the rise in technology that’s also fuelling personal finance worries as 25% of young people claim they spend more with tools such as Apple Pay because it’s easier and quicker than other methods.
Intelligent Environments said that banks have a key role to play in helping young people keep their spending on track and as part of National Student Money Week this week, it’s calling on banks to provide their younger customers with tools designed to help them better manage their finances.
David Webber, managing director at Intelligent Environments, said: “Our research shows that younger banking customers, like students, are increasingly relying on digital banking tools in order to keep on top of their spending and debt repayment levels. The rise of innovative payment technologies is increasing spending overall by making it faster and easier to pay for things. Now, it’s up to banks to help young people achieve the right balance between spending and saving.”
Shelly Asquith, National Union of Students (NUS) vice president of welfare added that we’re facing a national “crisis of student poverty” as their own research shows that more than 50% of students struggle to cover basic living costs with the increase in rent and cut back of grants.