Recession turns UK into a nation of OCD’s (Obsessive Checking Disorder)

Keeping a close eye

A recent report from First Direct has found that 39% of the population check their current account more regularly than they did before the recession. The survey unveiled that 20% of the population now check their balance once a day and around 470,000 people check almost hourly! The average time gap between checking balance was eight days. As expected, those who were overdrawn or had exceeded their overdraft limit were more likely to check their balance every day or more.

Over three quarters of those surveyed (77%), said they would use their computer, laptop or tablet to check their balance. Cashpoint came in second with 54% and the branch was third with 17%. Whilst online and cashpoint were the most popular methods for all age groups, the younger generation (18-24) replaced the branch as the third most popular option with checking their balance on their smartphone (23%). Those aged between 25-34 said they were as likely to check their balance in branch as with their mobile phone. Due to increased ‘on the go’ access, the 18-24 demographic were the most likely to check their account once a day or more. The higher the age group the less often people check their balance, claims the report.

The young are often early adopters of new technology like smartphones and text message banking, but with increased awareness and availability the ‘Silver Surfers’ are unlikely to be far behind,” said Emma Cocksedge, current account product manager at First Direct.

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