Co-operative says internet could help people track their accounts

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Co-operative says internet could help people track their accounts

Thu 17th Jun 2010

Banking customers must keep an eye on what is going on in their accounts, according to a representative from Co-operative Bank.

John Hughes, director of retail products at the firm, noted that many people choose not to look at their finances, when they really should do.

He accepted that nobody wants to be in a position where they are checking their balance "every minute of every day", but a certain degree of effort is necessary.

In his view, not only can it help people to understand their financial situation better, but, as a consequence, they could also comprehend what sound finances can allow them to achieve.

Mr Hughes stressed the significance of online banking, which he claimed could be a "very easy" method for people to stay on top of things.

"Hopefully it is a seamless and easy way, particularly for younger groups, to get into the routine of checking and understanding where their money is going and what they are spending it on," he explained.

These comments were made following research by R3, which found that 26 per cent of 18 to 24-year-olds do not open bills because they cannot face them, compared to ten per cent of over-65s.

Another expert to remark on the situation is Which? Money editor James Daley, who lauded the introduction of more financial education at school, suggesting the "generations of tomorrow" could be in a good position as a result.

In his opinion, many people only check their finances or take action if their situation reaches some form of crisis point.

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