Online banking could prevent young people getting into debt problems
Online banking could prevent young people getting into debt problems
- Thursday, 17 June 2010Young people could avoid getting into
debt problems by banking online and checking their balances.
According to the Co-operative Bank, online banking could help the younger generation stay on top of their finances.
John Hughes, the bank's director of retail products, said: "It is a very easy and very ready way of accessing your account, 24/7, 365 days a year.
"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."
Furthermore, consumers will be able to detect patterns in their spending and monitor their finances, he added.
A recent survey by insolvency trade body R3 found that 26 per cent of 18 to 24[-]year-olds did not open their bills.
They are also far more likely to suffer in silence with
debt problems compared to their older peers aged 55 to 65.
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