Sainsbury's Bank: Get over the 'Money Fear'

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Sainsbury's Bank: Get over the 'Money Fear'

Sainsbury's Bank is urging customers not to purposefully ignore their financial situations.

The group believes that approximately six per cent of adult Britons suffer from what the bank terms as 'Money Fear' and suggests that the 'burying the head in the sand' approach can lead to financial difficulties later on.

Kevin Barrett, head of channels at Sainsbury's Bank, estimated that some two million Britons do not discuss financial matters with their partner because they are worried about how they will react.

Over one in ten respondents in a poll also said they have left their bank account and credit card statements unopened.

Mr Barrett said: "Our advice to people suffering from this condition is not to put your financial management off, problems can arise if you don't keep an eye on things."

"For example without regularly monitoring your statements you won't be able to identify issues such as identity theft. Take control of your finances now, look at your expenditure, plan your budget and by all means, seek advice or counselling if you need to," he added.

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