Research reveals Britons failing on financial check ups

The number of adults failing to make basic checks on their bank accounts is rising, according to research* by Bacs Payment Schemes Limited (Bacs), the UK’s leading authority on automated payments.  The data shows that the number of adults who regularly check their bank statements has dropped by 13% since 2007, to just 71%, leaving more people at risk of incorrect or fraudulent transactions going undetected.

Bacs statistics also reveal that only 70% of British adults know when their bills are due to be paid, a drop of 10% in just two years. As a result, almost a third of the population is in danger of missing or being late with bill payments and incurring interest or penalty fees.

Michael Chambers, managing director of Bacs, said: “These statistics illustrate some worrying trends.  As a nation we simply cannot afford to slip into financial apathy.

“Standard banking guidelines stress that people should regularly check their bank statements and make sure there are no unusual or unexpected payments from their accounts. Knowing when bills are due is also extremely important.  Many people are caught out and incur fines as a result of not knowing when bills will arrive and when payments are due.  People should consider using Direct Debit to ensure bills are paid on time and to help them keep track of their finances and improve their money management”.

Direct Debits offer:

• Convenience – Direct Debit is a simple and convenient way to pay bills.  Direct Debits are easy to set up and manage.  They save time and hassle by ensuring money is automatically transferred to the billing company on a regular basis. 
• Control - Direct Debit is a safe, secure way to pay bills.  Customers remain in full control, stipulating when payments will be made.  No one is allowed to change the date, frequency or amount, or cancel the Direct Debit instruction, without the customer’s authorisation.  A Direct Debit can be cancelled by the customer at any time.
• Protection – Through the Direct Debit Guarantee, customers know their rights are protected and a full and immediate refund will be given if a mistake is made.

For more information about how Direct Debit can help people manage their finances effectively please visit www.thesmartwaytopay.co.uk.

About the research*
Figures taken from Bacs Family Finance Tracker research. The research is generated from a nation wide survey which aims to provide an insight into the money habits of the GB population. Ipsos MORI conducted a survey of 1863 adults aged 16+ in GB, carried out between January 16th and 12th June 2009.  The survey adopts a mixed methodology approach with interviews conducted either online or by telephone. Data is weighted to be representative of the adult, 16+, GB population.