Current account balances catching adults off guard

Research reveals that 82 per cent of adults are surprised by their account balance every month.

Although two-thirds of those surveyed by Yougov claimed to know the transactions in and out of their current accounts, only 18 per cent of people were left with an account balance they expected at the end of the month.

Lack of time emerged as the overriding cause for adult money mismanagement woes and banking experts promote online banking as a convenient, 24-hour solution to current account management.

Natwest Primeline, the bank’s online and telephone banking service, is one provider that has seen a threefold increase in online customers compared to two years ago.

Age was also found to affect people’s attitude to managing their current account balance. Up to 60 per cent of those under 30 years old were unable to find time to do their banking.

This contrasted with the over-50 age group, 67 per cent of whom always found time to do their banking. This is also the age group least likely to go overdrawn on their current accounts.

Men emerged as the group least likely to be able to guess their account balance, with only 8 per cent being able to do so.

Regionally, Londoners were the most disorganised as 44 per cent of people did not know how much money was available in their account.

© Adfero Ltd

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