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One in five 'check bank account balance once a day'

Published 12 March 2012 by

A fifth of bank account holders now check their bank balance at least once a day, according to research, as modern banking technology encourages more people to watch their finances closely.

As reported by Moneyexpert.com, the research by Halifax also found that a little over one in five (22%) check their balance around three times a week. Almost 40% of respondents to the survey said they could recall their bank balance to the nearest five pounds.

The rising popularity of internet banking - and more recently mobile banking - has made it much easier for people to keep an eye on their finances, says an expert at thinkmoney. "For many people, it's now unthinkable that you wouldn't keep a close eye on your bank balance. Whereas in the old days a keen budgeter would keep written records of their spending, much less effort is required today, because people can simply read an up-to-date statement on their online banking account.

"However, it's important that people don't view this as a chore. The ability to check your bank balance means you can see when you've been overspending, or if an unexpectedly high bill has left your account - and you can plan your future finances accordingly.

"Furthermore, it can make budgeting much simpler, because people can make a record of exactly how much their bills are likely to cost them, and plan their luxury spending around that."

For those who don't feel comfortable planning their finances, there are bank accounts that can help them. The thinkmoney Personal Account comes with a built-in budgeting service, in which money for bills and other essentials is put aside at the start of the month, leaving the account holder with only the money they can afford to spend on other things. You can find out more about the thinkmoney Personal Account's features here.

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