Fifth of people ‘avoid checking bank balance because of feeling anxious'
More than one in five (22%) people avoid looking at their bank balance because of feeling anxious about their finances, a survey has found.
This rises to more than a third (35%) of millennials aged 28 to 43 and some two-fifths (43%) of Gen-Z adults aged 18 to 27, according to a savings tracker from Aldermore.
One in seven (14%) Gen-X adults (aged 44 to 59) and and 5% of baby boomers (aged 60 to 78) also adopt the 'head in the sand' strategy.
One in nine (11%) of those who avoid reviewing their spending said they have saved less than £100 over the past year.
Nearly two-thirds (62%) of people said they have dipped into their savings in the past year with nearly three in 10 (29%) saying they had done so in the past month.
Some people surveyed also did not know how much they spend on outgoings such as childcare, mortgages or rent, utility bills, TV packages and gym memberships.
More than a third (36%) said they use their overdraft, meaning some could be accumulating overdraft charges they are unaware of if they avoid looking at their balance.
Alex Myers, head of savings at Aldermore, said: 'Our research shows that many UK adults are flying blind when it comes to their essential spending.
'This data is a wake-up call – if you're not tracking your expenses, you risk falling into a cycle of debt and diminishing your savings.
'The solution isn't about cutting back drastically, but rather about taking small, consistent steps to understand and manage your money better.'
Opinium Research surveyed 3,000 people across the UK in January, on behalf of Aldermore bank.
Here are some ways that people can get on top of their bank balance:
1. Make the most of banking apps and notifications to keep on top of your bank balance and avoid overdraft charges.
2. Check the regular payments you have set up on your account to avoid surprises.
3. See if you could make subscription costs or other household bills cheaper by going for 'no frills' options or switching providers.
4. Consider how you use your bank account and if there could be other deals that may suit your needs better, for example by looking for less expensive borrowing options or accounts that offer rewards.
5. Many households have money sitting in accounts paying little or no interest, so see if you could make more of your money by moving it into a higher interest-paying account.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Football club investor Eagle files for US IPO, Bloomberg News reports
June 13 (Reuters) - Eagle Football Holdings, one of the most active investors in global football clubs, has confidentially filed for a U.S. initial public offering, Bloomberg News reported on Friday. Reuters could not immediately confirm the report. The France-based company submitted a draft registration statement to the U.S. Securities and Exchange Commission, the report added, citing a company statement. The firm has been working with UBS Group AG on the potential IPO, the report said. Eagle Football, run by U.S. businessman John Textor, holds stakes in multiple football clubs including Olympique Lyonnais, Crystal Palace and Brazil's Botafogo. The SEC and Eagle Football did not immediately respond to request for comment outside regular business hours.
Daily Mail
an hour ago
- Daily Mail
ANDREW PIERCE: Is Angela Rayner's hard-Left boyfriend plotting to put her in No 10 as revenge for his sacking by Starmer's ruthless right-hand man?
On the eve of the Government's difficult Spending Review, Angela Rayner was in surprisingly high spirits. Drinks were flowing as the Deputy Prime Minister held court, acting as the DJ playing loud 'house music' while her guests danced the night away. Rayner's office has refused to confirm whether a party took place in her resplendent grace-and-favour apartment in Admiralty House, once the home of Sir Winston Churchill, the night before the Housing Secretary received one of the biggest financial packages of the Spending Review. Rayner had to battle to the bitter end against Chancellor Rachel Reeves, but the outcome fell in her favour and is a sign of her growing influence. In recent weeks, there have been reports of Rayner limbering up to replace Keir Starmer as Labour leader, and she has solid backing from members of the soft-Left, as well as the unions. Her victory in the Reeves negotiations is a clear sign that Downing Street is trying to keep her on side. Little wonder, then, that she indulged in raucous celebrations hours before the Chancellor addressed the Commons, reviving memories of when she was photographed belting out songs behind the DJ's desk in an Ibiza nightclub last summer. When Rayner, 45, took her place on the benches for the Spending Review, many thought she looked somewhat jaded. The same was said of Blackpool South MP Chris Webb, who was at the party and is one of her closest friends. A source told me: 'They were celebrating the fact that Ange had won her deal on the Spending Review. She is feeling on top of the world. The settlement showed that Ange is a serious player. Tarry, 42, has never got over being sacked as a shadow minister in July 2022 for giving a TV interview while on a picket line during a rail strike 'It may look insensitive but it was a private party for a small group of friends and supporters. These party guests will run an Angela Rayner leadership campaign if and when the time comes.' Rayner's ebullience was in stark contrast to the downbeat demeanour of the dwindling band of Reeves supporters. Her stock has fallen to rock bottom among Labour MPs and members. And Rayner's soiree will only heighten suspicions in the Downing Street bunker ahead of a potential crunch Commons vote on reforms to disability benefits. As many as 200 Labour MPs are said to be deeply unhappy about Reeves's plans to make £5 billion of cuts. In public, Rayner says she has no interest in becoming Labour leader. In private, however, I can disclose that many of the party-goers on Tuesday night are working hard to bolster her support among MPs and party members. Some MPs have dubbed the less-than-covert Rayner campaign Operation Revenge because it is being masterminded by her boyfriend Sam Tarry, 42, who has never got over being sacked as a shadow minister in July 2022 for giving a TV interview while on a picket line during a rail strike. Later that year, he was deselected as the MP for Ilford South. Tarry, who was part of Jeremy Corbyn's leadership team, blames his downfall on Starmer's all-powerful chief of staff, Morgan McSweeney, who wants to purge the party of Left-wingers. Revenge is a dish best served cold, they say, and Tarry is pushing for Rayner to be the first elected woman leader of the Labour Party. In the run-up to the election, Rayner ruled out a tilt at the top job because she knew Labour was destined to win big and assumed that Starmer would be a fixture in No 10 for years. Since he became PM, however, support for Labour has collapsed faster than that of any newly elected governing party in the past 40 years. Starmer's personal rating is a woeful minus 46 per cent. And Rayner is popular where it counts – with party members. In a poll by independent party news website LabourList, she came second to Energy Secretary Ed Miliband, who is not a leadership contender after his disastrous election defeat in 2015. What's more, many Labour MPs believe they must elect a woman for the first time in the party's 125-year history. Even Rayner's many detractors, who scorn her intellectual ability, concede there is no serious alternative contender. Rachel Reeves and Education Secretary Bridget Phillipson have crashed and burned in the eyes of voters. Greater Manchester mayor Andy Burnham, another favourite of party members, does not have a Commons seat. And Health Secretary Wes Streeting's majority was cut to 550 by an independent Muslim candidate standing on a pro-Gaza platform. Many suspect he will lose next time. The man who helped Rayner avoid a similar fate is her close friend Wajid Khan, a former mayor of Burnley. He was instrumental in ensuring no independent Muslim candidate stood against her in her Ashton-under-Lyne constituency in Greater Manchester, which she won with a 6,700 majority over Reform. To the surprise of many, Khan – who was elevated to the Lords by Starmer in 2020 – became Rayner's deputy minister in the housing department. 'Khan was repaid with a ministerial job and he is now repaying her in turn by working discreetly on her behalf,' says a supporter. 'He will be a hugely important link to the Muslim vote which Labour is losing under Starmer.' All of which helps explains why Rayner has come round to the idea that, if Starmer goes, she should run. It explains, too, last month's leak of a memo from Rayner to the Chancellor outlining her alternative money-raising measures, arguing for higher taxes on wealthier people and cutting benefits for migrants. Whoever leaked it – and Rayner's team say it wasn't them – had one purpose: to cast her in a positive light with the MPs and party members who will choose the next leader. Some MPs say the leak fired the starting gun on a long race to succeed Starmer, which is why it caused such anger in Downing Street. Days later, Rayner had to fight her corner behind the scenes after reports that Starmer would strip her of the housing element of her brief. Flame-haired Rayner is unashamedly combative and, according to a source, 'there was a lot of shouting'. A darling of the trade unionists, she has the personality to build bridges across the party. Rayner was the special guest at Tony Blair's Christmas drinks last year. She is also close to Gordon Brown and her boisterous birthday karaoke parties are well attended by the Right and Left in the party. A Rayner associate says: 'If you're a working-class woman like Ange, who is always being written off by the men in the Downing Street bunker, what better way to prove them wrong than by seizing the top job?' Rayner famously left school aged 16, pregnant and without any qualifications. Her political hero was former Labour deputy prime minister John Prescott. 'Some say she's Prescott in a skirt,' says a supporter. 'Like Prescott, she speaks the language of ordinary voters. She understands them the way the metropolitan elite around Starmer don't. If there's a leadership election tomorrow, she wins hands down.' Downing Street is aware of the manoeuvring. It may be why, in the past few weeks, Rayner has lost her personal photographer, Simon Walker. 'No 10 thought she was getting too big for her boots, so they grounded her photographer and have now taken the post away altogether,' a source told me. A source close to Starmer says: 'You can't blame them for reining her in. Keir leads a stable government, a disciplined party, and knows what he wants. Ange would be woefully out of her depth as PM. She's not up to it and MPs know it.' But Rayner is indifferent to the barbs. She thinks she's on a roll and, judging by the mood of her party guests, they think the same.
The Independent
2 hours ago
- The Independent
Three union leaders included in King's Birthday Honours
Three trade union leaders have been included in the King's Birthday Honours for services to areas including education and green jobs. Dave Ward, long-serving general secretary of the Communication Workers Union (CWU) is made a CBE for services to trade unions, and Dr Patrick Roach, who recently retired as general secretary of the NASUWT teachers' union is made a CBE for services to education. Sue Ferns, deputy general secretary of the civil service union Prospect, is made an OBE for services to green jobs and workplace transition. Mr Ward has been general secretary of the CWU for a decade, leading the union through the privatisation of Royal Mail and recent sale of the postal giant to Czech billionaire Daniel Kretinsky. He started work as a messenger boy at Tooting delivery office in south London before becoming a union rep, holding several positions before succeeding Billy Hayes as general secretary in 2015. He is married with four children, supports Chelsea and is a keen blues guitarist. He told the PA news agency: 'The New Deal for Workers campaign was founded and led by the CWU. 'At a time when society has never been more unequal the trade union movement pushing Labour to turn this campaign into a new Employment Rights Bill could not have been more important. 'This honour is recognition of our union's work in this area and for the way we stand up for postal, telecom, financial services and tech workers across the UK. 'I joined the GPO as a telegram boy in 1976 and it is a privilege to now be the general secretary of a union that campaigns for our members in and out of the workplace. 'We now need employers and the Government to go even further in rebalancing workplaces and society. We will continue to lead this.' Dr Roach stepped down as NASUWT general secretary in April after five years. The son of Jamaican immigrant parents, he grew up in Walsall, West Midlands, in the 1970s, and has described how he faced racism at school on a daily basis. He is married with two children. He was a teacher of politics and sociology in further education and was a researcher and lecturer in education, social policy and equalities in higher education. He later joined NASUWT and headed the union's education and equalities work before becoming assistant general secretary and then deputy general secretary. He has served in a number of voluntary roles as a school governor and in supporting the provision of supplementary education for African Caribbean children. Dr Roach became head of the union in 2020 at the start of the first national lockdown, leading union members in uncharted territory as schools and colleges, teachers and headteachers adapted to one of the most challenging post-war periods in education. As head of the TUC's anti-racism taskforce, Dr Roach was instrumental in leading Britain's trade union movement in challenging racism and injustice at work. He told the PA news agency: 'I am humbled and incredibly proud to be granted this honour. 'It has been my privilege to have been afforded the opportunity to devote my career to education and in the service of NASUWT members, teachers and headteachers, whose commitment, work and dedication every day continues to inspire, shape lives and make a world of difference.' Sue Ferns, who has also been a member of the TUC General Council since 2005, grew up in Sheffield, South Yorkshire, and was the first member of her family to go to university, studying industrial relations at Salford University. After graduating in 1982, she started working for the TUC's economics department. She joined Prospect in 1993, becoming head of research in 2002, director of communications and research in 2013, and senior deputy general secretary in 2018. She has campaigned on issues including the gender pensions gap, workers' rights in the science, engineering and energy sectors, and clean energy. She has taken part in several government taskforces and working groups, particularly on clean energy jobs and workforce skills. She told the PA news agency: 'I am privileged to have spent my career in the trade union movement, determined to make a positive difference to the lives of working people. 'I'd like to thank the countless colleagues, trade union representatives and members within our movement, whose commitment to improving the lives of others has been an inspiration throughout my career.'
