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Brits use bank holiday to settle up finances

22nd May 2013 Print

We can't deny that everyone loves a bank holiday weekend, but latest trend data from Barclays shows that Brits are taking this extra day to actually, well, bank.

Data from Barclays Mobile Banking (BMB), the app which enables customers to manage their money on the move has shown that we Brits like to keep a handle on our finances over the bank holidays and we're keen to ward off any financial hangovers at the end of the long weekend. Over £535m worth of payments and transfers were made over the Easter and May bank holiday weekends using BMB, while Pingit, the app that allows people to send and receive money with just a mobile phone number, saw a 300% increase in logins compared to non-bank holiday weekends.
It's clear we're ticking through the financial to-do list on our time off, and mobile apps are in demand. BMB saw over 67,000 new sign-ups over our last two bank holidays, with banking on the Easter bank holiday so popular that logins were up ten times on the usual figure.  Meanwhile, money sent via Pingit was up by 62.5% compared to normal.
When it comes to the tasks we're taking care of on the go, settling up payments on weekend treats such as hairdressing and beauty treatments are among the most popular transactions made over bank holidays.  But it's not all about the pampering, with Pingit app data showing that humdrum chores like car maintenance and home improvements also feature in the top five transactions over bank holiday weekends.
Darren Foulds, Director of Barclays Mobile and Pingit commented: "You'd think that the last thing people want to do on their time off is take care of financial chores. But what's great to see is that people aren't letting their to-do lists chain them indoors. We all lead busy lives and are becoming more reliant on our mobile devices, which is no doubt why we're seeing a massive uptake in apps like Barclays Mobile Banking and Pingit. It shows people are keeping on top of their finances but without letting it take the fun out of their holiday time. Downloading a banking app before the coming bank holiday will certainly help ensure it's less ‘bank', and more holiday."