Brits avoid communication from banks

Adam Williams
Written By:
Adam Williams

As many as an eighth of Brits say they do not read emails from their bank and could be missing out on important information concerning their finances.

A survey by the Debt Advisory Centre found one-in-eight adults do not open emails from financial institutions.

Around 7% also admitted to not opening postal correspondence from their bank.

This could mean borrowers missing out on information about their mortgage rate, terms and repayments.

Young people were most likely to be found ignoring their bank with nearly a quarter of people aged between 25 and 34 failing to open financial letters.

Of those that don’t open emails 38% admit that they leave statements unopened, 29% ignore important announcements and security information and some 12% say they don’t read anything emailed by their financial providers.

Ian Williams, spokesman for DAC, said: “For most of us, email and online communication with financial services providers is quick, convenient and environmentally-friendly. For some customers, however, it is all too easy to ignore.

“Disengaging with what their financial providers send them is a slippery slope: once people stop reading their statements they lose track of what they owe. As a result, they are less likely to open future emails as the news just seems to keep getting worse. At the same time, providers will start sending more information, as they attempt to get a response and chase payments.

“Ignoring a debt problem won’t make it go away. If you’ve got to the point when you can’t face opening your statements as you know the news will be bad, it might be time to get help with your finances.”