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

A third of young Brits are too scared to check their bank balance

0
Written by: Paloma Kubiak
12/02/2016
A third of young Brits are too scared to check their bank balance and many suffer from the “ostrich effect”, preferring to stick their heads in the sand rather than deal with the issue.

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.

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.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week