Polls / April 30, 2013

How often do you check your bank balance?

More than half – or 55% – of almost 1,000 respondents to the latest eZonomics online poll check their bank balance at least once a week and an additional 21% keep an even closer watch and check it at least once a day.

I manage my money carefully
Some people check their bank balance to see if they can afford something they want to buy. Others to remind themselves of how much their savings have grown. Or to check all the transactions are legitimate.
There are many reasons to examine your account – and it seems it can be a healthy money habit. The ING International Survey on Financial Competence, released in 2012, found that people who had a high level of financial competence (they could correctly answer most of the questions in a test) also tended to manage money very carefully, by going through their bank statements, credit card bills and other documents thoroughly every month.

Remind yourself
A surprising result in this poll is the low number of respondents – just four percent – who check their bank balance when a statement arrives.
Perhaps the rise in online and mobile banking is one of the reasons. People are changing their behaviour as a result. Some might find the statements were a handy reminder to check their finances are in order. An alternative is to set yourself a reminder and book time in your schedule to go through transactions on a regular basis. It can be a helpful way to monitor progress towards savings goals and prompt a celebration if things are on track – or an adjustment if they’re not.

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eZonomics team
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Do you generally carry cash?