Britons 'turning into bankaholics'

Internet and telephone banking are preferred by many over using branches

British people are becoming obsessed with the size of their bank balances, according to a survey.

Research carried out by HSBC said one in 10 people checked how much they had in their account up to four times a day.

The survey said one in four people know their bank balance down to the last penny, while 45% know it to the nearest £10.

People are a lot more in control and knowledgeable about their money, even down to their last penny

Mike Constantine, HSBC

The highest number of "bankaholics" can be found among those who mainly use internet or telephone banking services.

Mike Constantine, head of electronic services at HSBC, said: "The availability of technology to bank has changed the way people look after their finances because it makes it easier and more fun.

"A lot of our customers are now their own account manager.

"Now that they can access their accounts from home, work or even the street, people are a lot more in control and knowledgeable about their money, even down to their last penny."

One in five people admits to regularly checking their bank balance three times a day.

The figure rises to almost one in three among those who bank through the internet or by telephone, according to the survey.

Rise of technology

Consumers who can access their balances through mobile phones and the television as well as the internet keep even tighter wraps on their money, with 12% admitting to checking their accounts four times a day or more.

Nearly three-quarters of them know all the direct debits and standing orders they have set up on their account - compared with 58% of people who just bank through a branch.

Men, it seems, are more preoccupied with their finances than women.

Around 25% male respondents admitted to frequently checking their accounts, compared with 13% of female respondents.

But people's obsession with their finances appears to be paying off as, according to HSBC, as 60% say they have never been in the red.