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UK consumers ‘lose track of £150 a month’

Kit Klarenberg
Written By:
Kit Klarenberg

The average Briton loses track of more than £150 every month, despite the vast majority claiming they know what their biggest expenses are, TSB research has found.

The findings suggest 62 per cent of adults spend money they cannot account for without checking their bank account statement, while 23 per cent have no idea where their money has gone. Women find they have ‘lost’ £137 come pay day on average, men around £200.

Food is the biggest source of ‘lost’ money, with 39 per cent of respondents in total splashing out on eating out (20 per cent), takeaways (16 per cent) and lunches (13 per cent).

The research also found 34 per cent of over-35s do not know how much interest their current account pays. This figure rose to 47 per cent for 18-34s.

Some 68 per cent of respondents have never shopped around for a different bank account to get a better deal, which could mean consumers are losing out on hundreds of pounds of interest each year.

Other key facts revealed by the research include:

  • 29 per cent of respondents with a savings account never review their account to ensure they are getting the best deal
  • 42 per cent know exactly what their biggest monthly expense is per month
  • After food, clothing (13 per cent) is the main culprit for lost money, followed by coffees (12 per cent) and post-work drinks (7 per cent)

“Understanding how your bank account can work for you from a young age is really important as this will help people become more financially savvy in later life,” said Andy Piggott, TSB’s head of current accounts.

“Using a budget spreadsheet or spending tracker is a great way to learn where your money is going and see if there is a way to reduce ‘lost’ money.”