Paranoid Spenders: 43% of Britons Check Online Banking Twice a Day

New research by a money saving website has revealed that over two in five Britons check their online banking and banking apps at least twice a day. Almost half of these revealed that they did so to ‘watch out for fraud,’ whilst three quarters (76%) felt they needed to ‘regularly track spending’.

Balancing The Account

A discount website in the UK has carried out research to investigate the finances of Britons and how aware they are of their bank balances. The research revealed that over two in five adults check their finances at least twice a day. Furthermore, the survey revealed that more than two thirds of respondents checked their bank balance more regularly since using online banking and mobile apps.

www.VoucherCodesPro.co.uk carried out the study as part of ongoing research into the saving and spending habits of people around the UK. A total of 1,906 British adults were polled; those taking part answered questions about how often they checked their finances. All respondents used online banking or a banking app on their smartphone.

Respondents were initially asked to reveal how often they checked their online banking or smartphone banking app. Results were compiled by researchers and revealed as follows:

  1. At least once a day – 19%
  2. Twice a day – 43%
  3. Three times a day or more – 10%
  4. Every other day – 18%
  5. Weekly – 7%
  6. Monthly –  2%
  7. Never – 1%

Respondents who had previously revealed that they checked their online banking app at least twice a day were then asked, ‘why do you check your app so regularly?’ 76% of respondents did so to ‘regularly track spending’, while 44% of respondents revealed that they wanted to ‘watch out for fraud’. One in six respondents also stated that they did so to ‘transfer money’ (18%).

When asked if they checked their bank accounts more regularly now than before they had access to online banking or mobile banking apps, 73% of participants revealed that they checked more regularly now they could access their balance on their smartphones.

Nick Swan, CEO and founder of VoucherCodesPro.co.uk, said:

“Keeping an eye on your finances is extremely important, so it is refreshing to see the number of Britons that do so regularly. Fraud can be avoided, or corrected quickly, if spotted and reported to your bank. Checking your online banking or mobile banking app is a quick and easy way to spot fraud and similar discrepancies, so I say a big well done to those that check regularly.”

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