A quarter of Brits check their current account daily

One in four (26%) consumers check their bank account daily in a bid to keep on track of their finances, according to research from M&S Bank. This rises to 27 per cent for 18 - 35 year olds and reduces to 24 per cent for over 55s. However, 15 per cent of consumers prefer not to keep such a close eye on their finances and only check their bank balance fortnightly or monthly.
 
Despite a high proportion of Brits keen to keep an eye on their bank balance, a surprising 78 per cent don't set a monthly budget. It's the over 55s who budget least, with only 13 per cent setting out a monthly budget to track their finances, compared to 32 per cent of 18 - 34 year olds. Furthermore, 48 per cent of Brits don't use direct debits to manage their monthly outgoings.
 
When it comes to managing monthly expenses, those aged over 55 may budget the least but are the most likely to set up direct debits for their regular outgoings, with 59 per cent setting up monthly direct debits to leave their account as soon as they get paid. This compares to 42 per cent of those aged 18 - 34. Women are more proactive when it comes to getting their money in order, with almost six in ten (56%) setting up monthly standing orders and direct debits, compared to 49 per cent of men.
 
Almost a third of Brits (28%) use their overdraft facility (37% of those aged 18-34 compared to 15% of over 55s), with half (51%) incurring a fee for going over the authorised limit, this increases to 55 per cent for men. However, four in ten Brits (41%) don't know what charges they incur if they exceed their agreed limit, meaning they run the risk of getting caught short at the end of the month.
 
Good banking habits vary from region-to-region; the Welsh keep track of their finances the most with 45 per cent checking their bank account on a daily basis, this drops to 22 per cent for those in the South West.
 
Checklist for spring cleaning your finances

1. Set out a monthly budget - allocating yourself a set amount to spend on certain things each month will help ensure you keep within your means
 
2. Set up monthly direct debits - this is a good way to ensure you don't miss any monthly payments, including your credit card
 
3. Check your statements regularly - and keep an eye on what is going in and out of your account
 
4. Be aware of charges, such as any overdraft facilities - if you know what the charges are, you know what to expect at the end of the month and can budget accordingly
 
5. Ensure your bank offers services to suit your needs - think about whether you prefer to interact with your bank face-to-face, online or via telephone and what time and day or the week fits your schedule
 
Colin Kersley, CEO of M&S Bank, comments: "As we head into spring, with many of us thinking about saving for our summer holidays, it's the ideal time to review our finances. It's encouraging to see that so many people are proactive about checking their bank account, which demonstrates a good degree of money management. However, it's surprising how few set up direct debits or keep a monthly budget, which can be really useful to ensure you've planned for all your regular monthly outgoings.
 
"At M&S Bank we understand our customers want different levels of interaction from us, and to use our services in different ways. Our branches are open seven days a week, with 24/7 internet and telephone banking, making it even easier to bank at times that suit you. In addition, our transparent account structure means our customers won't incur any unexpected penalties at the end of the month."
 
M&S Premium current account customers have access to an exclusive high rate monthly savings account with a fixed rate of 6.00% AER/gross, loyalty points on debit and credit card spend, no overdraft fees, no default or return fees and free text alerts when their overdraft limit is approached.
 
Each year M&S Premium Current Account holders receive 48 hot drinks vouchers for the M&S Café worth £127, four treats and delights vouchers worth £45 and M&S vouchers worth £40, as well as a birthday treat. Customers switching their banking will receive an additional 12 vouchers for 20 per cent of M&S shopping (clothing and homeware) in the first year. Customers opening an account before the end of April will also receive a £100 M&S Gift Card
 
M&S current account customers earn one point for every £1 spent at M&S using their M&S debit card, three points for every £1 spent at M&S using their M&S Credit Card and one point for every £2 spent elsewhere on their M&S Credit Card.