Recent research from RCI Bank, the digital savings bank, has found that over two fifths (44%) of UK adults are more likely to check on their bank account than they are their family and friends. A quarter (25%) monitor their bank balance at least once a day, whilst only 17% say they check in with family and friends that often.
This increased interest in financial ‘interest’ sees 78% of the nation logging on weekly to view their bank balance, 47% looking at their savings and 25% checking their investments. However, nearly a fifth (18%) stated the act of checking their finances makes them feel anxious.
RCI Bank found that of those who save or invest digitally, over half (54%) have become more aware of their savings and spending habits since doing so. Amongst young people aged 18-34, this has increased to almost seven-in-ten (67%) and has led almost half (45%) of them to actively save more. This was highlighted further through RCI’s own internal data2, which found a fifth (18%) of customers are more conscious of their money because of the RCI Bank app.
Despite this, nearly half (46%) of the nation refuse to talk to their loved ones about money. Less than a quarter (23%) will only discuss “certain aspects” of their finances, whilst 7% admit when they do talk to family about money, they are not fully honest. The 55+ age bracket is the most secretive (66%), stating they do not talk about their finances. This compared to a quarter (23%) of younger people (18 – 34), who admit to being open and transparent about their money.
Of those who did talk to loved ones about money, over four in ten adults (46%) admitted to feeling more relaxed and in control of their money. Over half (51%) said they feel more educated about new products and better equipped with savings tips and advice (50%).
Tafari Smith, Head of Savings at RCI Bank comments: “Clearly the ease and accessibility of banking on the go means more people are able to regularly engage with their money – enabling people to feel on top of their finances and in some cases even save more. However, it is concerning to see that so many find checking their finances to be a source of anxiety. Whilst it is understandable that many will be keeping a closer eye on their finances as a result of the pandemic, savings tend to increase over the mid-long term so, while it can be motivating to see your nest egg growing, savers can relax and let their money do the hard work for them.
“After a difficult year and half, those who feel anxious when it comes to money may find bearing this burden alone stressful. RCI Bank is always on hand to listen and help. If you don’t feel you can talk to loved ones, talking to a trustworthy person or professional about your situation can often help too; as research shows that half of people who are open about their money feel less stressed, more in control and better educated about the latest financial tools and resources.”
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