Brits Are 'Compulsive Bank Balance Checkers'

Cash-strapped Britons have become "compulsive bank balance checkers" as they struggle to keep finances afloat, a study has found.

More than one in five people (21%) in the UK monitors their bank balance every day, and nearly four in 10 know the amount it contains to the nearest £5, according to Halifax.

The survey also found that the average person tends to run short of cash just 17 days after pay day.

One in 10 people said that their financial situation was even worse, and that they were under pressure only one week after getting paid.

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.

"Money concerns and belt tightening are breeding a generation of compulsive bank balance checkers."

Only one in 20 people said they know their current account balance to the nearest £500.

Households are currently struggling with high living costs and low pay rises.

A report from PricewaterhouseCoopers (PwC) published this week found that UK families are typically £7,900 in debt from personal loans, overdrafts and credit cards, despite three years of paying them down.

The report predicted consumers will continue their determination to pay down their debts, owing around £7,500 by next year.