What’s in your account?
Published 27 November 2013 by Linzi Nuttall
If money was paid into or out of your current account by mistake, how quickly would you notice? Perhaps unsurprisingly, a lot of us wouldn’t spot it straightaway - or at all!
How well do you know what’s in your account? We all have a lot to keep track of in our busy lives so it’s of little surprise that not everyone is good at staying on top of their finances.
We did some research* and discovered that if £50 was paid into or out of a bank account by mistake, one in ten of us would only spot it when we finally got round to checking our bank statement. We also found that two million people might not notice the payment at all.
Staying up to date
While two thirds of men and women were confident that they would spot an incorrect £50 payment within a day or two, men and women were pretty evenly split when it came to knowing where they were up to with their money.
However, the older generation is better at checking on their finances. Some 28% of the over-65s told us they would notice a mistaken £50 payment as soon as their bank statement arrived, while just 15% of 18-to-24 year-olds said the same.
What’s in the pot?
But it’s not just about spotting a wrong payment. It’s also important to know where you are financially.
thinkmoney’s research revealed that, on a day-to-day basis, nearly three fifths of men and women only roughly know how much money is in their current account.
Worryingly, 7 % – that’s equivalent to 3.5 million people – have no more than a vague idea of what’s in their account. This is most common in the North East of England, where 13% of residents are unsure how much money they have in their current account. In Northern Ireland, just 3% said the same.
If you’re all at sea when it comes to your current account balance, consider that there are things you can do to keep better track of your money. Why not make a commitment to check your balance at least once a week? That way you will have a clearer idea about what's available to spend on essentials like food and clothes - and what you can spend on things you enjoy.
Or you could take a look at the thinkmoney Managed Current Account. Our team of Money Managers are always on hand to help out and make sure all the bills you've told us about get paid. Find out more here.
*Consumer Intelligence questioned a nationally representative sample of 2,149 adults aged 18 and over between 11th and 14th September 2013. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.
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