Just 17 days a month are money-worry-free

Money concerns and belt tightening are breeding a generation of compulsive bank balance checkers, according to latest research from Halifax.

17 days before things get tight

Halifax asked how far into the month people get before money gets tight, and they have concerns that they won't have enough cash to get them to their next pay day.

1 in 10 people admitted that things get tight for them within a week of receiving their monthly salary

By week two, 1 in 5 people are concerned that they won't have enough to get them through the rest of the month. This increases to a third of people by the third week.

In the last week before pay day, half of the population is concerned that they won't have enough money until they next get paid.

On average, this means that people are concerned that money is tight 17 days after they've been paid.

Bank balance checking steps up

Responses to the research demonstrate that money concerns are encouraging people to have more vigilance and take more control over their bank account.

More than one in five people (21%) check their bank balance at least once a day, and a further 22% check it more than three times a week. A quarter of people check their balance weekly, with just 13% checking their account no more than once a month.

This level of account management, however, is leading to an increased level of knowledge and awareness of current account balances.

38% of the population claim to know how much is in their bank account to the nearest £5

A further 23% say that they know how much money they have to the nearest £20

1 in 20 who say they only know their current balance to the nearest £500

Anthony Warrington, director of current accounts at Halifax said, "With mobile banking apps and internet banking, it's much easier to stay on top of spending and account activity whilst on the move. It's encouraging to see people take control of their bank balance, as it means that they will have a better awareness of their own financial needs."

First comes marriage?

Halifax also asked people about how they manage their current accounts.

Just over half of the population (51%) has more than one current account. Whilst one in three people in the country say that they have a joint account with someone else, only 16% have a joint account as their only account (whilst the rest have a personal account too).

However, joint bank accounts still appear to be the reserve of Mr & Mrs, as the research demonstrates that 85% of joint account holders are married to the other party. Of the remaining amount, 12% live together but aren't married.

Just under half (43%) of these account holders pay their salary into the account, with the remainder being paid into a personal account. Just 7% of joint account holders pay equal amounts into the account each month. Men pay the lions' share, just 4% of men say that the other account holder pays more than them every month.

Whilst 40% of joint account holders say they pay for 'everything' through the account, the majority focus on household expenditure:

47% use the joint account for household bills

34% pay for food shopping through the joint account

30% travel expenses (petrol, car maintenance)

23% mortgage

22% of respondents say that they use their joint account to pay for entertainment, such as going out.

Anthony Warrington continues, "It appears that a joint account is still a popular way of managing household expenses, although it is interesting that the vast majority of customers are married before they open an account together. Those customers that open the Halifax Ultimate Reward Current Account as their joint account only have to pay one fee but both benefit from the account features."