Technology has made it easier to track and see finances instantly, however many people don’t take advantage of this opportunity.
Seventeen percent of people between the ages of 18 and 34 check their bank accounts daily, according to a survey conducted by the AICPA. That’s less than one-third of the fifty four percent of Americans in that age group who reported checking their social media accounts at least once a day. On average, those who check their social media accounts do so more than seven times daily; those who check bank accounts do so an average of three times a day.
Among 35 to 44 year olds, thirty four percent check social media accounts at least once a day and fourteen percent check their bank accounts daily. Four in ten people reported that they never check their retirement account balances, and one out of four seniors and adults with a high school education or less never check their bank account balances.
A frequent check on account balances, including credit card balances, can protect consumers from losing money or incurring costs due to fraud or honest mistakes.
A few tips to keep in mind when checking on finances:
- Each Friday, stop by an ATM, log in to your bank account, or call your financial institution to verify your balances and the accuracy of your transactions. That will give you an educated start to your weekend, when you are more likely to make discretionary purchases.
- If you check your bank account on the internet, do so from a secured network at your home. Don’t save financial passwords on your computer or mobile device; you don’t want your security compromised.
- When checking the status of your friends on social media check your financial status. Once a day, check your account online or by phone to verify the accuracy of your transactions.
- Set up text alerts with your banks and credit card companies to inform you when you reach a pre-determined threshold.