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Brits are over-estimating their bank balance by

Brits are over-estimating their bank balance by

Brits are over-estimating their bank balance by £7.73 on average but new research has revealed mobile phone bankers are the most in tune with their finances. If your phone lets you check your bank balance it is important you compare mobile phone insurance to cover you for this.

Compare Mobile Phone Insurance with MoneyMaxim

Almost three-quarters of UK adults over-estimate their bank balance with Londoners doing so the most with over £2 over the average, Barclays' research showed.

They also found that 84 percent of mobile phone banking users have a more accurate idea of their finances with almost half stating that since using this method they have consequently become more aware of the true value of their account.

"Being in control of your money starts with knowing how much you've got and where it is being spent," said Sean Gilchrist, Barclays Digital Banking Director.

"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."

A huge 57 percent of those who do not already use mobile banking services believe that by being able to do so would make them more knowledgeable and effectively more in control of their finances.

Mr Gilchrist concluded: "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 top 1 areas most likely to over-estimate bank balances were, after London, people in Leicester doing so by £9.1, Norwich by £89.37, Wrexham by £88.25, Manchester by £84.85, Edinburgh by £83.32, Portsmouth by £82.64, Brighton by £81.45, Cambridge by £8.74 and Newcastle by £8.7.

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The average bank customer checks their balance approximately four times a month, and the 83 percent who do not use mobile banking admit they do not always know what's going in or out of their account compared to 17 percent of those who do.

With mobile phone banking becoming an increasingly popular means to stay on top of your finances it is important to understand the effect this has on your insurance premium.

Compare Mobile Phone Insurance with MoneyMaxim