Lack of awareness ‘may lead to money worries’

British consumers have been advised to pay closer attention to their money in order to avoid falling into economic difficulty.

John Hughes, directo…

British consumers have been advised to pay closer attention to their money in order to avoid falling into economic difficulty.

John Hughes, director of retail products at the Co-operative Bank, described his organisation’s finding that many people are not aware of their standing as concerning.

Vigilance is needed not only because of the potential for fraud, he explained, but because financial products can differ greatly.

The fact that some current accounts will charge for going overdrawn was highlighted, while Mr Hughes observed some do not permit this practice at all.

“What is important, therefore, for customers to do – by monitoring and tracking how their expenditure may be changing – is to ensure that they have got the right one for them,” he concluded.

According to the Co-operative Bank survey, only 33 per cent of respondents were extremely certain how much cash was in their current account, while 39 per cent said they have faced financial problems because they do not regularly review finances.

By Andy Mackay

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