Research from M&S Bank reveals that one in four consumers check their bank account daily in a bid to keep on track of their finances. This rises to 27 per cent for 18 – 35 year olds and reduces to 24 per cent for over 55s. However, 15 per cent of consumers prefer not to keep such a close eye on their finances and only check their bank balance fortnightly or monthly.
Despite a high proportion of Brits keen to keep an eye on their bank balance, a surprising 78 per cent don’t set a monthly budget. It’s the over 55s who budget least, with only 13 per cent setting out a monthly budget to track their finances, compared to 32 per cent of 18 to 34 year olds. Furthermore, 48 per cent of Brits don’t use direct debits to manage their monthly outgoings.
Women are more proactive when it comes to getting their money in order, with almost six in ten setting up monthly standing orders and direct debits, compared to 49 per cent of men.
Almost a third of Brits use their overdraft facility, with half (51 per cent) incurring a fee for going over the authorised limit, this increases to 55 per cent for men. However, four in ten Brits don’t know what charges they incur if they exceed their agreed limit, meaning they run the risk of getting caught short at the end of the month.
Good banking habits vary from region-to-region; the Welsh keep track of their finances the most with 45 per cent checking their bank account on a daily basis, this drops to 22 per cent for those in the South West.
Checklist for spring cleaning your finances
- Set out a monthly budget – allocating yourself a set amount to spend on certain things each month will help ensure you keep within your means
- Set up monthly direct debits – this is a good way to ensure you don’t miss any monthly payments, including your credit card
- Check your statements regularly – and keep an eye on what is going in and out of your account
- Be aware of charges, such as any overdraft facilities – if you know what the charges are, you know what to expect at the end of the month and can budget accordingly
- Ensure your bank offers services to suit your needs – think about whether you prefer to interact with your bank face-to-face, online or via telephone and what time and day or the week fits your schedule
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