Abbey notes emergence of financially savvy Brits

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Abbey notes emergence of financially savvy Brits

Mon 11th Dec 2006

Despite news of a personal debt crisis sweeping the nation, new research from Abbey shows that over three quarters of Brits think they are managing their finances quite well.

A survey conducted by Abbey shows that 86 per cent of banking customers believe they have their finances very well or fairly well under control.

Some 73 per cent of respondents said they check their balance at least once a week, while 63 per cent said they keep track of all the financial transactions taking place on their account.

And far from spending recklessly, 54 per cent of respondents said they actually adjust their monthly spending to make sure they never run out of money.

Abbey says its research shows that online banking technology is allowing Britons to become more financially savvy, as they are better able to monitor their spending.

Indeed some 72 per cent of people told Abbey they use the internet to check their accounts, while 65 per cent use it to set up direct debits and standing orders.

This seems to tally with figures from Alliance & Leicester, which show there has been a 63 per cent rise in the number of people using online banking to managing their financial affairs online in the last three years.

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