Research has revealed that almost two-thirds of adults in the UK have no idea how much money is in their bank account.
Surprised? You shouldn’t be. If you’ve ever given your balance a wide berth the morning after the night before, you’ll know that what I don’t know can’t hurt me is a startlingly pervasive attitude in the realm of personal finance (despite the fact that most of us are hyper-aware of the consequences of ignoring what’s going on in our bank account).
In short: we all know that keeping our fiscal dirty laundry at arm’s length is A Bad Thing – so why are some of us so good at it? More than a few of us are masters of evasion as far as our balance is concerned, spending those pre-payday weeks counting down the days with uneasy anticipation.
At times it feels like a self-fulfilling prophecy; a cycle of living paycheck-to-paycheck, in constant fear of exposure to our own financial position. In an expensive world, saving can be tough – and for some, impossible – and all things considered, it’s little wonder that wilful ignorance can feel like the most comforting option. Unfortunately it’s often at the expense of the clarity and insight that can actually help us slowly build that rainy day fund for the future (which is something we’re told that a lot of you would like).
From speaking to our customers and learning about the financial challenges you’re facing, it’s clear that a lot of you would like to start or grow your rainy day fund – but with recent research suggesting that among 25-34 year olds, 19% have no savings, with a further 30% having less than £1,000 saved, it’s clear that there are still some obstacles to overcome. At Starling, we believe that small steps can make big changes, so we’ve built features that we think will help you develop healthy saving habits and enjoy more control over your own financial destiny. Here’s how we’re putting the simple into saving…