Apathetic Britons waste cash

At least he uses his gym membership...

British people are so financially lazy that they waste £316m a year, a survey from online financial services group Egg shows.

People waste money by paying their credit card bills late, forgetting to change their foreign currency back into sterling and paying for gym memberships they don't use.

They also waste money by failing to cancel their standing orders and breaching their overdraft limits.

On average, this kind of financial 'laziness' costs individuals about £1,130 a year - and 40% of those surveyed blamed financial jargon.

Where does it go?

More than two thirds of those questioned said they paid about £300 a year more than they needed to in interest payments on their credit cards.

One fifth of those surveyed said they had foreign currency lying around at home, while about 65% of those surveyed admitted to leaving money in low interest accounts.

Men are lazier with money than women, the survey found.

About 34% of men admitted that they were financially apathetic, compared with 26% of women.

About 43% of men claimed boredom stopped them keeping better track of their money.

"Financial organisations need to provide a solution to this problem, by helping people take control of their finances," Patrick Muir, marketing director at Egg, said.