Almost half of UK savers shy away from checking bank statements
Financial wellbeing is the top priority (57%) for Brits ahead of physical, intellectual and social wellbeing. Yet only around half (55%) feel comfortable regularly checking their bank statements, according to new research from Bank of Scotland owner Lloyds Bank.
The bank is encouraging consumers to take the time to check in on their finances as part of their habitual routine, while inviting the public to start their own money conversations at the Making A Statement exhibition, running between 9th – 11th September 2021 in Soho, London.
The research found that, although one in four (23%) Brits worry about their finances at least once a week, people spend more time each week on other life admin than money management.
Two thirds (65%) of people spend a minimum of half an hour a week on social media, while only 26% of people spend the same amount of time checking their bank statement, despite the rise in online and mobile banking meaning both can be just as easy to access. This is similar to the amount of time people are prepared to spend on choosing what to watch on TV (28%).
Financial discomfort kicks in for one in five Brits (22%) who admit that when they do check their bank statement, they have often spent more money than expected, rising to a third (32%) of 18-24-year-olds. Often, this unexpected expenditure has gone towards grocery shopping (60%), eating and drinking out (42%) and buying gifts (30%).
The drive for greater financial wellbeing increases with the younger generations. One in five (22%) of 18-34-year-olds want to be in more control of their finances (compared to 14% of all adults), but lament how the lack of know-how (19%), confidence (16%) and motivation (17%) hold them back.
Chris Gowland, customer financial assistance director, at Lloyds Bank, said: “With our research showing the majority of Brits recognise financial wellbeing as a priority, it’s important we don’t let distractions and lack of confidence get in the way of building good money habits. A big part of having a better financial state of mind can come from positive conversations about money. Feeling financially resilient can be a real game-changer for how we feel in other aspects of life.”
“We know from the thousands of customers we help every week that making dedicated time to stop, take a step back and look at what you are really spending can make so much difference in our ability to see more clearly how we are managing our money.”