Majority of people unable to accurately say how much is in their bank account

Mobile phone banking users are most likely to know their actual bank balance

According to recent research by Barclays, almost  three-quarters of UK adults think thier bank balances are better than they actual are.  On average, bank balances are overestimate by £70.73, with Londoners fairing the worst and overestimating their balances by an average of £91.62.

It seems however, that mobile banking users are more in touch, with 84% of them likely to have an accurate idea of their finances.  When questioned, almost half of this group admitted that since using mobile banking, that they’ve become more aware of the true value of their bank account.

57% of the focus group don’t currently use mobile banking services, but did believe that being able to check their bank balance on their mobile phone would make them more in tune with their bank balance and therefore make them feel better about their finances.

Accessing their accounts via the internet seems to be the most favoured approach, and on average bank customers check their balances around four times a month.  Thursday mornings are the most popular periods for checking balances, with 2,793 users logging in, probably in anticipation of spending at the weekends!

Sean Gilchrist, Barclays Digital Banking Director, said:

“Being in control of your money starts with knowing how much you’ve got and where it is being spent. Online and telephone banking made that easier and now mobile phone banking is taking it a step further.

“Mobile phone banking is still a relatively new way of doing your banking but the number of users is growing at a phenomenal rate and simultaneously more features and functionality are being added. It’s really encouraging to see the positive impact it is having on helping people stay in control of their finances in a quick, easy and convenient way.”

• The overwhelming majority (83%) of adults who are not already using mobile banking admit they don’t always know what’s going in or coming out of their bank account, compared to 17 per cent of those who do use mobile banking.
• Increasing numbers of Barclays customers are using mobile banking services, with people checking their balance up to 16 times a month – 12 times more than the average person who doesn’t use mobile banking.
• Ease and convenience are the key benefits cited by users of mobile banking, some of who claim to have managed their finances via mobile phone banking services from the beach, on a night out, in the bath and even at the cinema.

The areas of the country which are the most misguided about how much is in their bank account are:

1. London, £91.62

2. Leicester, £90.10

3. Norwich, £89.37

4. Wrexham, £88.25

5. Manchester, £84.85

6. Edinburgh, £83.32

7. Portsmouth, £82.64

8. Brighton, £81.45

9. Cambridge, £80.74

10. Newcastle, £80.70

Barclays mobile phone banking service allows people to view balances, mini-statements, transfer between Barclays accounts, send payments to a third party. There are also tools such as finding their nearest branch and ATM, currency conversion tool.

2000 consumers polled in August 2010 by One Poll; research commissioned by Barclays