Online banking helps control personal finances

Online banking could help young people control their personal finances, according to one expert.

John Hughes, director of retail products at the Co-operative Bank, said: "It is a seamless and easy way … to get into the routine of checking and understanding where their money is going and what they are spending it on."

His comments come after research by insolvency trade body R3 revealed that people aged between 18 and 24 years are more likely to leave their bills unopened.

It also found that of those in this age group who are suffering from debt, over a third (36 per cent) have not contacted anyone for help as they believe it is easier not to think about it.

However, people can seek advice from a debt councillor.

One reason why young people are bad at dealing with their finances could be down to a lack of financial education.

James Daley, editor of Which? Money explained that it is only now that schools are teaching children about finance.

Posted by Morag Lyall

Published on: June 21, 2010

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