And finally…fintech causing appy-go-lucky attitude to personal finances

While mobile phone apps may have been the catalyst for a revolution in banking by making it so easy for millions to manage (and spend) their money, the Financial Services Compensation Scheme (FSCS), is warning that with the average person now having 10 apps on their electronic devices that help them to spend cash at times when they previously wouldn’t have, retail habits are going to ever greater extremes.

The majority of spending through apps is done while in bed, the FSCS said — either at the end (38 per cent) or beginning (18 per cent) of the day — but as many as one in seven (15 per cent) do this while at work.

When compared to women, men are twice as likely to make impulsive purchases while out with friends or at the pub having drinks.

Men also tend to spend more than women on apps for socialising, music and entertainment, travelling and gambling, whereas women favour using apps for food and general shopping.

The majority (61 per cent) of those interviewed say apps make it easier to part with cash, with nearly one in three (31 per cent) explaining apps have a negative impact on their finances — either meaning they spend more or lose track of outgoings.

Less than one in five (18 per cent) respondents who have electronic devices have an app that helps them to save or manage their money better.

Londoners are the most likely to have one of these, while those living in Wales are the least likely.

Those surveyed said they would be more likely to save if it were easier to set money aside (23%), if a savings tools could show them how much they could or should save (21%) or if they were given regular reminders to do so (16%).

Mark Oakes, head of communications at FSCS, said: “Being able to make purchases at the touch of a button removes the thinking time you would usually have if you were in a shop. It requires discipline to stay in control of your money — not only spending but also saving — but it’s worth doing. Setting aside just a little a month can add up to a big sum; we are here to make sure your money is protected.”