And finally…modern Brits too busy to manage finances

The Nationwide Building Society research, which was commissioned to mark Fintech Fortnight and looks into how people rely on apps to save time, reveals eight in ten (79 per cent) people live their lives in a constant rush, on the go for more than eight hours a day (41 per cent), but with an hour or less to themselves (22 per cent).

The poll of more than 2,000 Brits found that half (49 per cent) feel stressed due to these time pressures, with less free time to organise their busy lives. As a result, more than half (53 per cent) said they are left feeling overwhelmed by money. One in five (18 per cent) say they have no time to check or even think about their finances and one in six (17 per cent) have no time to shop around for the best deals.

Six in ten (59 per cent) of those surveyed say they wish they had an extra four hours a week, to spend quality time with their family (56 per cent), watch a film (52 per cent), see friends (36 per cent), do chores (25 per cent) and sort out their finances (22 per cent).

The research shows that the majority of people (84 per cent) using banking apps save up to two and a half hours a week, instead of spending time on the phone or going into a branch for routine enquiries such as checking their balance.

To save even more time Brits are multitasking when using their apps, with half (50 per cent) saying they use their apps when watching TV, in bed (50 per cent), on their daily commute (32 per cent), on the move (29 per cent), in work (25 per cent) and even in the bathroom (25 per cent).

James Smith, Nationwide’s Director of Mobile and Digital, said: “As the research shows, Brits are living a hectic lifestyle, juggling work, family commitments, social lives and money. Using a mobile phone to manage finances is a way people can get a few hours back a week, reduce money worries and put them in control of their finances.

“Digital payment methods offer both convenience and a greater level of security for our members. We are constantly developing features and functionality based on member feedback, including things like fingerprint and facial recognition logins. Smartphones already provide millions of people with greater access and control over their finances, giving members the choice of how to manage their money, whether that be online, through a banking app, in branch or over the phone.”