Tight cashflow means Brits are "compulsive bank balance checkers"

Wednesday, 08 February 2012 03:03

Financial concerns and belt tightening are breeding a generation of compulsive bank balance checkers, latest research suggests.

More than one in five people check their bank balance at least once a day, while a further fifth per cent check it more than three times a week, the survey shows.

This has resulted in two fifths of consumers claiming to know how much is in their bank account to the nearest £5, the Halifax said.

The changes in bank behaviour is in part due to the higher concerns UK households have over debt levels, which as seen many Britons try to pay down debt.

The compulsive checking of bank balances by more and more people reflects just how much tigher people's finances are and the room for error before going overdrawn and incurring charges has narrowed for many individuals.

The average UK consumer is concerned that money is tight 17 just days after they’ve been paid, according to a Halifax survey.

One in 10 consumers admits that things become stretched within a week of receiving their monthly salary, climbing to one in five by week two.

In the last week before pay day, half of the population is concerned that they won’t have enough money until they next get paid, the poll reveals.

But it appears that money concerns are prompting people to be vigilant and take more control over their bank account.

Anthony Warrington, director of current accounts, said: “With mobile banking apps and internet banking, it’s much easier to stay on top of spending and account activity on the move.”

The survey also reveals that one in three people in the UK have a joint account with someone else.

The main uses for these shared accounts are to pay household bills, food shopping, petrol costs and the mortgage, the poll shows.

• Tags:
• bank accounts
,
• bank balance
,
• cashflow
,
• current accounts
,
• family finances
,
• money
,
• news
,
• savings