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55 per cent haven't seen bank manager for ten years |
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Thursday, 06 December 2007 |
More than half of Brits have not seen their bank manager in the last ten years, according to new research from Lloyds TSB.
The findings show that one in ten people are simply too embarrassed to
discuss their money matters, with a further 10 per cent citing a fear
of ‘financial jargon’ as the reason for their reluctance.
Over a third of respondents don’t think they have enough disposable
income to benefit from a financial review, with one in ten fearing that
their financial aspirations would not be taken seriously.
Only a third of consumers have paid a visit to their bank manager in
the last two years, despite the fact that over half admit their
financial situation has changed in that time. One in ten respondents
questioned by the bank says they have had a windfall in recent years,
with over a third receiving a pay rise.
The research also reveals that consumers are turning to more unusual
sources for their financial advice. One in ten under-25s admit they use
social networks such as Facebook and MySpace for financial guidance,
with one in five parents consulting their kids on money matters.
Bank managers are the third most popular financial confidante (42 per
cent), behind friends (68 per cent) and parents (45 per cent), with
hairdressers (7 per cent), bar staff (6 per cent) and taxi drivers (6
per cent) also making an appearance in the top ten.
Liz Hogbin, director of savings and investments at Lloyds TSB,
commented: "We service our cars, have regular hair cuts and visit the
doctor if we have any health concerns but many of us admit that we
don’t take such good care of our finances.
"A regular financial health check can set your mind at ease, ensuring
you make the most of your money and putting a plan in place to help you
achieve your financial goals, be that travelling the world, buying a
property or retiring early."
Almost all consumers questioned by the bank have financial goals they
want to achieve in the next five years. Starting saving is the most
popular aspiration; chosen by 29 per cent of respondents, buying
property is second (23 per cent) and investing takes the third spot (21
per cent.)
Younger age groups have more specific goals with 27 per cent of under
25s hoping to pay for university fees and one in five of this age group
are planning to start a business.
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