Technology fails to help Brits budget

Despite the use of online banking and smartphone apps, the majority of Britons have said that it is harder to save money these days than it was a decade ago, a report says.

The results of the report conducted by ING on behalf of the Personal Finance Education Group (PFEG), found that 60 per cent of respondents found managing their finances tougher today than they did in 2003.

Those surveyed also expressed deep concern over the level of education that young people receive about managing their finances; with just five per cent of them being happy with the current financial education they are given. According to cleardebt.co.uk, this demonstrates the need for parents to speak to their children about budgeting from a young age.

As society moves towards a cashless system, Tracy Bleakley, chief executive of PFEG, believes that the increasingly common use of bank cards makes it harder for people to keep tabs on their finances.

Whilst speaking to financialreporter.co.uk, Ms Bleakley said: “Money is a lot less tangible than it once was… As a society, we are going to have to work even harder to give young people the financial skills and knowledge they will need throughout their lives.”