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7.4m Brits ignore bank statements

23 June 2006
Despite two-thirds of the population being 'completely reliant' on their current account, nearly seven and a half million Britons fail to check their statements regularly, according to a Royal Bank of Scotland (RBS) survey.

This means almost one in five people (18 per cent) never open, read or check their bank statements for accuracy and a further 23 per cent who claim to check do not do so on a regular basis.

The heavy reliance on current accounts in today's financial environment is evident in the fact that 94 per cent of account holders have at least one direct debit or standing order on their account.

"The fast pace of modern life means that everyone needs a current account that will work hard for them," said head of current accounts at RBS, Allan Hardie.

Mr Hardie also said that he thought people were not using all of the services at their disposal to cope with the need to keep track of their finances while also coping with the pressures of a busy modern lifestyle.

To read more about current accounts, click here.

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