Quite a large number of people in the UK have been making a habit of overestimating the amount of funds in their current accounts, new research has recently demonstrated.
The newly published findings conducted by UK financial institution Barclays revealed that nearly three out of every four adults across the length and breadth of the country routinely make the mistake in assuming their current account or other financial holdings have more funds than they actually have available. This overestimation could lead to resorting to less-desirable finance options, such as using a credit card to pay for essential goods and services, in an emergency situation when their cash runs out unexpectedly.
On average, UK current account holders were found to overestimate their available balance by nearly £71, but if broken down by geographical region, Londoners were the worst off in that they routinely miscalculate their personal financial holdings by believing they have, on average, more than £91 available when they actually do not.
However the study also revealed figures indicating that the average banking consumer in the UK checks their balances approximately four times during any given week; many of these consumers, the study additionally found, were utilising their banks’ online banking abilities and checking their available funds online.
In related news, foreign exchange company Caxton FX recently revealed their data has indicated that the population of the UK has been trending towards unnecessarily accumulating card fees whilst traveling abroad on holiday; Caxton FX estimated the accumulated fees to exceed £144 million annually, something that could be avoided if Britons were more careful in paying cash for purchases instead of charging additional credit card debt. Caxton FX offers a line of travel money products, including currency cards that boast highly competitive exchange rates and little to no associated fees as well.