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Press Room

Do You Know Your True Value?
(13 October 2005)

Most look at it on the internet, men prefer to do it in the evenings and women in the mornings. Whilst we would all like more of it, research by NatWest Primeline, the telephone and Internet bank, reveals that when it comes to money, many Brits struggle to manage what they already have, as 82% admit they are surprised when they check their balance at the end of the month.

Despite over two thirds of those surveyed claiming to be aware of all the transactions going in and out of their main account, only 18% were left with the amount of money they expected at the end of the month. Lack of time seemed a universal issue, with nearly half of all respondents admitting that they struggled to get round to doing all of their banking.

Providing 24 hour access to your finances, online banking may be seen as an easier way to staying on top of your finances. Compared to research carried out just two years ago, NatWest Primeline has revealed a threefold increase in online customers. Jo Harris, Head of NatWest Primeline, said: "For the majority of working adults finding time to do their banking can be difficult, even for those that bank online. That's why at Primeline we also provide direct telephone access to a relationship manager, so customers can do their banking anywhere, even when they're on the move."

Whilst 72% of all those surveyed described managing their finances as a chore, those under 30 seem most disaffected by their own money. With over 60% admitting they never find time to do all their banking, it's no surprise that 44% of under 30's unexpectedly go into their arranged overdraft facility. In contrast 67% of over 50's always make sure they get their banking done, and as a result are the age group least likely to go overdrawn.

Although an impressive one in ten claimed to know the balance of their bank account to the nearest penny the research showed penny pinchers to be in the minority. Alarmingly over a third couldn't guess their balance to the nearest 100 if at all, with men the worst culprits by 8%. Regionally, people in the North East watched their money closest as 16% knew their balance to the penny, Londoners paid the least attention to their wealth as 44% could not say how much cash they had to the nearest 100, or any other amount.

NOTES TO EDITORS:

  • NatWest Primeline is a dedicated 24-hour telephone and Internet banking service offering excellent customer service with a 98% satisfaction rating. Each Primeline customer has a dedicated named personal banking manager to help them with their banking needs
  • A representative sample of 2,155 British adults were interviewed.
  • This research was carried out by YouGov in September 2005.