Online banking is an effective way of keeping track of finances and avoiding
debt problems, an expert has advised.
John Hughes, director of retail products at Co-operative Bank, said it is common for people to avoid looking at their account details.
Indeed, a recent study carried out by R3 revealed that that 26 per cent of 18 to 24-year-olds do not open their bills as they cannot face them.
Mr Hughes stressed the importance of keeping abreast of personal finances, pointing out that
online banking is an ideal way of doing so.
"Hopefully it is a seamless and easy way, particularly for younger groups, to get into the routine of checking and understanding where their money is going and what they are spending it on," he commented.
By making the effort to keep track of personal banking, Mr Hughes said savers gain a better understanding of what organised finances can help to achieve.
Which? Money editor James Daley also said banking customers should be more attentive, noting that many people only check their financial situation if some kind of crisis prompts them to.
