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

Millions have no idea how much is in their bank account

Written by: Paloma Kubiak
Over 8 million adults in the UK don’t know how much money they have in their bank account and 20% only check their balance every two weeks or less.

Research from The Money Shop revealed that women are worse at keeping track of their finances, checking their account once a month or less.

One in four females admitted they don’t know how much was in their account at the moment compared with 18% of men.

The age group most likely to splash the cash is 35 to 44 year-olds, with 6% spending more than £500 a month on non-essentials, such as holidays, haircuts and evenings out.

In comparison, those aged 65 and over were the group with the biggest savings with one in five managing to have more than £500 left in their account at the end of the month.

Of the 2,014 surveyed, those living in Newcastle, Liverpool and Birmingham came out on top as the most financially responsible cities, with 84% claiming they know the exact amount in their bank accounts.

Losing track of day-today spending not uncommon

Stuart Howard, CEO of The Money Shop, said: “Technology has made it even easier to check bank accounts regularly, but as our research shows, losing track of day-to-day spending isn’t an uncommon practice. It is important to us that people are able to understand their finances and make the right decisions whatever their situation, and we are keen to assist in the best way we can.”


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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

Read previous post:
Average mortgage fee up to £956

The cost of taking out a homeloan has risen to a 21-month high as the average mortgage fee rises to...