Do you know how much is in your account right now? - Banking - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Do you know how much is in your account right now?

Do you know how much is in your account right now?

Category: Banking

Updated: 16/09/2010
First Published: 16/09/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New research has revealed that the majority of Brits are out of touch with their day-to-day finances.

Worryingly, two thirds of UK adults believed there was more money in their account than there actually was, whilst the majority of people were unable to accurately say how much was in their bank account, according to Barclays.

People overestimate their bank balance by about £70.73, the research showed. Londoners were the worst offenders, overestimating their balance by about £91.62.

Perhaps the reason why so many Brits have lost touch with their hard earned cash is because the average person only checks their bank balance four times a month.

Since debit cards are quick, easy and convenient to use, it's fair to say that most people use them more than four times a month.

Research also shows that debit cards are fast becoming the payment vehicle of choice for many people - the value of payments made on debit cards rose by £7.9 billion year on year in the second quarter of 2010, according to the Payments Council.

So, why are people not checking their balances more than four times a month?

With the advances in technology meaning that internet and mobile banking have become secure, convenient ways to access your bank account 24 hours a day, 365 days a year there's no excuse to not be aware of how much money you have.

For those who have trouble keeping up with their ingoings and outgoings, internet and mobile banking could help immensely, as keeping abreast of balances, direct debits and other payments is only a click away.

Mobile banking means that you don't even have to be in front of a computer to check your balance- you can check your finances whilst on a night out, at the beach or even in the cinema.

The research showed that people using mobile banking checked their balance up to 16 times more a month – 12 times more than the average person who doesn't use mobile banking.

"Being in control of your money starts with knowing how much you've got and where it is being spent. Online and telephone banking made that easier and now mobile phone banking is taking it a step further," said Sean Gilchrist, Barclays Digital Banking director.

If you'd like to take more control of your day-to-day finances, the Moneyfacts.co.uk Best Buy tables detail a range of accounts that allow online banking.

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
Close