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Millions have no idea how much is in their bank account

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Written by: Paloma Kubiak
08/02/2016
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.”

 

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