1 in 5 people ‘don’t check their bank balance because they feel anxious’

Many people feel so anxious about their finances that they don’t want to look at their bank balance.

According to research by Aldermore, more than one in five (22%) people don’t check how much money they have because they’re worried about their financial situation.

Worryingly, this pattern is most common among younger adults.

The study found that 43% of 18 to 27-year-olds actively avoid looking at their bank balance, along with 35% of 28 to 43-year-olds. 

That compares with just 14% of people aged between 44 and 59 and 5% of 60 to 78-year-olds.

People saving less and risking debt

By not looking at their bank account, people aren’t able to make informed financial decisions.

For example, more than one in ten (11%) of those who avoid reviewing their bank balance said that over the last year, they’ve saved less than £100.

Figures also showed that nearly two-thirds (62%) have dipped into their savings over the past 12 months - and 29% have done so in the last month.

Meanwhile, more than one in three (36%) are using their overdraft to make ends meet.

Alex Myers, head of savings at Aldermore, believes the findings are a “wake-up call”.

“Many UK adults are flying blind when it comes to their essential spending,” he commented.

“If you’re not tracking your expenses, you risk falling into a cycle of debt and diminishing your savings.”

Get on top of your finances

Want to get to grips with your money but don’t know where to begin? 

Creating a budget is a good way to get started, as you’ll be able to see how much money you have coming in each month and where it goes.

This can make it easier to prioritise your spending, spot areas where you can cut back and save, and ultimately, feel less anxious and worried when it comes to managing your money.

Give our budget planner a whirl - it’s free and easy to use.