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18M BRITS FEEL STRESSED OR WORRIED AT THE THOUGHT OF CHECKING THEIR BANK BALANCE

ByAdam Myles

Feb 21, 2024
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18 million Brits are suffering from FOBB (Fear of Bank Balance), as new survey reveals that 28% of the population feel “stressed” or “worried” at the thought of opening their banking app.

The study by VoucherCodes.co.uk, the UK’s most trusted savings site, examined the nations’ attitudes towards their finances revealing nearly one in 10 want to ignore their bank balance by burying their head in the sand (9%). And that’s exactly what a quarter of the population are doing as they admit to only checking their balance just once a week or less (25%).

Other emotions Brits feel when looking at their finances include being “curious” as they are unsure as to what they’ll have on any given day (21%), feeling “nervous” or “like they should be more on top of their finances” (12%), and 4%, the equivalent of 2.7m people, “wanting to run a mile.”

When it comes to making a debit card purchase, 29% have blindly tapped their card despite not knowing if they had enough money to cover the cost. Delving deeper, it’s revealed that Brits would spend an average of £98 on an item without checking their balance first.

If a purchase was to fail or decline, a quarter of Brits would “ask a family/friend to help cover the cost” (25%), another a quarter (25%) “would get out their credit card”, and 14% would simply laugh it off.

However, it’s not all doom and gloom, many consumers are already taking action to combat their FOBB, with a third (33%) “budgeting carefully every month”, a quarter (25%) “starting to pay more attention to their finances”, and one in four (26%) “looking for discounts and deals to make their money go further”.

 

Top 5 ways Brits are combatting FOBB (Fear of Bank Balance) 

Rank  Method  Percentage (%) 
1 Budgeting carefully every month 38%
2 Looking for discounts and deals 26%
3 Starting to pay more attention to finances 25%
4 Simply spending less money 23%
5 Starting to keep track of purchases 11%

These actions are clearly beginning to have a positive impact as 47% of the population feel “in control” at the thought of checking their bank balance, with nearly two thirds (38%) checking their available funds daily.

Anita Naik, Saving’s Expert at VoucherCodes.co.uk, comments: “The ongoing cost-of-living crisis has continued to shape and impact our daily lives, but it’s great to see our data reveal that Brits are beginning to take action towards their FOBB (Fear of Bank Balance).

If you suffer from FOBB, here are some top tips to assist with taking control of your fear:

  • Set yourself a budget – setting out what you’re spending and where can help you keep on top of your finances and spot areas where you might be overspending. This allows you to save money and makes checking your bank balance much less scary. A budgeting app, like Emma, can be a great tool to get you started.
  • Use a prepaid card – prepaid cards allow you to load a specific amount of money onto the card, helping you set a budget for your expenses and control your spending. Once you’ve spent the amount loaded onto the card, you can’t spend anymore, giving you a built-in spending limit.
  • Seek support – if you’re feeling overwhelmed, consider talking to a financial advisor, a money advice service like MoneyHelper, or a trusted friend/family member. Opening up about your financial situation can help to ease the stress and can make getting a handle on your finances much less daunting.

“To help make your money go further, visit VoucherCodes.co.uk, where you can find thousands of discounts to help you save on a wide range of items, with all codes hand-tested daily to ensure you’re getting the deal you’ve been promised.”