Lloyds TSB: Britons avoid bank managers

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Lloyds TSB: Britons avoid bank managers

Thu 6th Dec 2007

Britons are too embarrassed to consult their bank manager on financial matters, according to a new study by Lloyds TSB.

Some 55 per cent of Britons have not talked about their money situation with a bank manager in over ten years, according to a Ciao survey on behalf of the bank.

Fear of financial jargon was the most popular reason given by people who avoid having a chat with their bank's manager, but some customers also feel that their financial aspirations would not be taken seriously, or that they would not benefit from a financial review, Lloyds TSB revealed.

The bank is now offering customers a free financial review with a professional adviser to encourage consumers to look after their finances.

"A regular financial health check can set your mind at ease, ensuring you make the most of your money and putting a plan in place to help you achieve your financial goals, be that travelling the world, buying a property or retiring early,” said Liz Hogbin, director of savings and investments at Lloyds TSB.

Among the conclusions of a recent independent review of the Banking and Business Banking Codes was the need for financial institutions to provide more help for customers who may be heading towards financial difficulties.

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