Do you know how much is in your bank account?

17Sep10

by Elena Price.

A survey conducted recently has shown that a large percentage of British citizens are unaware of how much is in their bank accounts. Prompting concerns over how people deal with their day to day budgeting. The statistics are worth worrying about,  as it turns out up to two thirds of British adults stated there was more in their current accounts than there really was. Many who took part in the survey weren’t even able to accurately say how much was in their savings account.

The research has shown that overestimations were the most common, with many overestimating their balances by around £70. Residents living in the London area were the most incorrect in the estimate of their accounts, overestimating balances by by as much as £90. The conclusion is that debit cards are so common, easy to carry, and convenient, that they are used much more often then cash withdrawals. On average people only check or withdraw cash from their accounts four times a month or once a week.

cash machine

Debit card use has been rising perpetually for years now, and is quickly becoming the dominant form of transaction, particularly with the rise of buying goods through the internet and media product subscriptions. Fortunately, the answer lies in where we spend out money, internet banking and mobile banking services through apps.

Just as the popularity of debit transactions increases so does the technology built around them. This means that online internet and mobile banking have become more secure then ever. With phones becoming cheaper, more powerful, and increasingly user-friendly, there is now no excuse to not having access to you accounts 24 hours a day, 365 days a year.

This could also be the ideal solution for those that struggle keeping track of their income and spending. With internet and mobile banking providing helpful banking solutions on information and payments is only a few clicks away. Heightened phone technology and wireless broadband mean that mobile banking is now super effective, no longer requiring a computer, everything you could want to know about you finance is right there, no matter where you are.

This only makes sense as the survey proved. It relieved that people who use mobile banking had a tendency to check their accounts up to 16 times more a month, much much more then the average citizen who did not use a mobile banking site or app.

“Being in control of your money starts with knowing how much you’ve got and where it is being spent. Online and telephone banking made that easier and now mobile phone banking is taking it a step further”

Daily finances no longer need to be a hassle of finding an ATM or queuing in a bank, you can now take advantage of banks that offer solutions and help for what matters concerning your accounts.

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