Money management ‘not a priority for most’

Managing money is not a big priority for most consumers, a new survey has suggested.

Chelsea Building Society found that monitoring finances and savings rates is the seventh most important task in people’s day-to-day lives, with 23 per cent doing so.

This figure falls to 19 per cent among those with less than £5,000 in savings and places money management behind remembering people’s birthdays (55 per cent), cleaning (44 per cent) and making social arrangements (28 per cent).

The company commented: “Despite this being one of the most punishing years ever for savers, the majority do not find the time to check rates and manage their finances.”

It added that recent evidence indicates people have been losing out as a result of not monitoring their savings carefully, an observation that might be worth bearing in mind among those struggling with debt.

According to the latest Credit Action figures, the average UK household owes £9,180, excluding mortgages.

By Chris Trimble