- More than half of Britons (56%) only audit their spending a few times per year or less
- One in 10 (11%) say they never check their accounts for ways to save
- Under 25s review their finances less frequently than older generations
Despite the ongoing cost of living crisis, less than half of the nation reviews its finances on a regular basis, according to new research by Go.Compare Home Insurance.
The insurance comparison site asked the country how often they audit their outgoings, and just 44% said they look for ways to save each month. The remaining 56% admitted that they only check a few times per year or less.
More than a third (36%) said they assess their accounts a few times every 12 months, while 7% said they merely do so once in this same period. A further 2% said they review their spending habits just once every few years. Shockingly, 11% said that they never audit their finances for ways to save, despite rising expenses across the country.
Younger generations tend to check their accounts the least, with 27% of 18 to 25-year-olds saying they never review their finances for ways to save – more than any other age group. This is even though fewer under-25s feel comfortable with their current income than older people.
In contrast, older age groups will assess their outgoings the most, with 46% of those over 55 saying they review their finances monthly, and just 10% indicating that they’ve never looked for ways to save.
Those with families to support also seem to check more often. In total, 46% of Brits with kids audit their finances monthly and only 10% don’t check at all, whereas fewer people without children (39%) said they review their accounts every month.
These findings come as part of Go.Compare’s new home savings research, which reviews some of the lesser-known pitfalls that could be chipping away at the nation’s finances. This includes unknowingly paying for subscription services that are no longer in use and buying insurance policies for items that are already protected by another package.
Ceri McMillan, Go.Compare’s home insurance expert, says: “With prices rising across the board, it’s more important than ever that we keep a close eye on our spending habits, so it’s disappointing that so many of us neglect to regularly check our finances.
“By failing to audit your accounts, you’ll find it much harder to spot any areas where you’re overspending and you might not notice unwanted payments being made. This includes charges for ‘idle’ subscription services that you’re no longer using or suspicious transactions that you don’t recall making.
“If you’re struggling to keep track of your finances, consider downloading a free budgeting app for your smartphone. There’s a variety of these available and they all have different features, but most will let you set a budget and categorise your purchases so that you can see where you’re overspending. Many will also help you track your ‘regular payments’ (such as subscription services), ensuring you’re only paying for what you want to be.”