One in ten Brits are always overdrawn

One in ten Brits are constantly overdrawn, according to new research.   

In a survey conducted by thinkmoney, ten per cent of Brits admitted they were never able to get their finances out of the red, whilst another 11 per cent admitted dipping into their overdrafts on a monthly basis.

This fifth of the population could be the most likely to need external help should an unexpected bill take their monthly spending higher than normal.

According to freshbusinessthinking.com, men and women were found to be equally likely to make use of their bank's overdraft facility, although youngsters were much more likely to use it than older generations. One in eight 25 to 34-year-olds said they were constantly overdrawn, compared to just a small fraction of those aged over 65.   

Those living in Northern Ireland appear to be the best at managing their money. Only half of them said that they ever use their overdraft.

In an interview with mirror.co.uk, Thinkmoney director of communications Ian Williams suggested it was important for Brits to try and get back into the black. 

“Slipping into overdraft territory is a common fear and the charges can soon mount up, especially for those who don't have an authorised overdraft,” he said.