Interesting articles today suggesting people would like their banks to analyse their data and help keep them out of financial difficulty. Would you be comfortable being helped in this way if you were over burdened with debt and/or were in some financial distress? |
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By (user no longer on site)
over a year ago
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Nope, as someone who has been in and got out of crippling debt, it was my responsibility alone to deal with my money problems.
But as for what youre asking, don't banks already do credit checks? |
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"Nope, as someone who has been in and got out of crippling debt, it was my responsibility alone to deal with my money problems.
But as for what youre asking, don't banks already do credit checks?"
They do but they are pretty basic. This is suggesting that analysis of your spending habits and behavioural analysis etc can help people to manage their situation better. |
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"I'm not sure if I trust the banks that much. I mean what would stop them from selling that data on the down low? Sweet FA!"
Strict rules on that now from FCA and GDPR. It would be aimed at those who are financially vulnerable. UK has terrible financial literacy rates, a lot of people simply don't understand debt and how to manage money. |
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"I'm not sure if I trust the banks that much. I mean what would stop them from selling that data on the down low? Sweet FA!
Strict rules on that now from FCA and GDPR. It would be aimed at those who are financially vulnerable. UK has terrible financial literacy rates, a lot of people simply don't understand debt and how to manage money."
We also have irresponsible bankers.
*coughs* financial crash of 2008 *coughs* |
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I’ve always thought that budgeting skills should be taught at school age to help people have a better grasp of paying bills and how to manage money etc. I was ok as I had great parents that went through what was needed in the big wide world, but not everybody has this.
Not everyone listens either and people want everything now and not prepared to save for it. I really don’t know what is best.
In the old days banks used to offer annual reviews and know their customers, sadly as most of the banks near us have closed and I’m assuming this is the case in loads of towns I can’t see them offering such a personal service it would be far to costly now? |
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"I’ve always thought that budgeting skills should be taught at school age to help people have a better grasp of paying bills and how to manage money etc. I was ok as I had great parents that went through what was needed in the big wide world, but not everybody has this.
Not everyone listens either and people want everything now and not prepared to save for it. I really don’t know what is best.
In the old days banks used to offer annual reviews and know their customers, sadly as most of the banks near us have closed and I’m assuming this is the case in loads of towns I can’t see them offering such a personal service it would be far to costly now?"
It's amazing what technology can now do. Think of Alexa as your bank manager! |
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By *abs..Woman
over a year ago
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"I’ve always thought that budgeting skills should be taught at school age to help people have a better grasp of paying bills and how to manage money etc. I was ok as I had great parents that went through what was needed in the big wide world, but not everybody has this.
Not everyone listens either and people want everything now and not prepared to save for it. I really don’t know what is best.
In the old days banks used to offer annual reviews and know their customers, sadly as most of the banks near us have closed and I’m assuming this is the case in loads of towns I can’t see them offering such a personal service it would be far to costly now?"
I also think it should be taught as part of PSHE at school. It’s a skill we all need to have. |
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Absolutely not.
The banks have shown exactly how well they grasp the concept of finances.
If that becomes the way we live then I'll withdraw all my wages each month and use a shoebox under the bed. |
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"Absolutely not.
The banks have shown exactly how well they grasp the concept of finances.
If that becomes the way we live then I'll withdraw all my wages each month and use a shoebox under the bed."
 what if wasn't a bank that could help? |
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I think they should give you the option if you want it but not impose themselves on you.
I think it's more important that they give you tools which help you manage finances yourself. Having visibility of income and outgoings and a breakdown of what's going where would be a big help. |
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"I think they should give you the option if you want it but not impose themselves on you.
I think it's more important that they give you tools which help you manage finances yourself. Having visibility of income and outgoings and a breakdown of what's going where would be a big help.
"
 absolutely has to be opt in |
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Mine always try to offer me a "review" if I go in for something, normally trying to sell me an additional service I don't want or need.
Strangely I always have a pressing engagement that I must get to. |
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"Mine always try to offer me a "review" if I go in for something, normally trying to sell me an additional service I don't want or need.
Strangely I always have a pressing engagement that I must get to. "
But if you had a virtual assistant designed for you, to help you, who knows you, would there be some value in that? |
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I wouldn't personally welcome it. We've been in some very tight financial situations that no amount of analysis would have helped. We simply didn't have enough money to cover our basic outgoings, we knew what we needed to do and did it.
If someone needed help and it was made clear it was available therefore was their choice to accept it, fair enough.
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"I wouldn't personally welcome it. We've been in some very tight financial situations that no amount of analysis would have helped. We simply didn't have enough money to cover our basic outgoings, we knew what we needed to do and did it.
If someone needed help and it was made clear it was available therefore was their choice to accept it, fair enough.
"
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By (user no longer on site)
over a year ago
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"I think they should give you the option if you want it but not impose themselves on you.
I think it's more important that they give you tools which help you manage finances yourself. Having visibility of income and outgoings and a breakdown of what's going where would be a big help. "
There are a lot of app based bank accounts opening up nowadays that offer useful tools such as separating money into different virtual pots. I believe Monzo is the name for one of them. |
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"I imagine this could be a useful tool in cases of gambling addiction. It may help keep them from spiralling further, though I suppose they could always find a way around it."
you're right they would find a way round it. If they couldn't access their own money they would use someone elses. |
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With banks past actions over the tears I don't think you could really trust them with more control. Lets face it they don't want people out of debt they just want them just coping paying maximum interest.
The reality is though if you watch what you spend and budget properly you shouldn't have problems. |
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"Interesting articles today suggesting people would like their banks to analyse their data and help keep them out of financial difficulty. Would you be comfortable being helped in this way if you were over burdened with debt and/or were in some financial distress?"
No as I was brought up to understand the value of money. Some fools and their money are easily parted. |
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I remember overhearing the following conversation between my housemate and the bank when we were at university
Him: ‘hello there, can I increase my overdraft!’
Bank: ‘we’re checking your account now, do you realise you spend £16.50 at the same time every day at Thresher’s?’
Him: ‘yes, and?’
Bank: ‘Just wondering Sir, is it one of the larger stores? The kind that do food and stuff..?’
Him: ‘no’
Bank: ‘a further £250 sir, enjoy’
People don’t give a shit what the bank or anyone else say or think. The problem is our aspirational society and the fact that free credit has removed the need ever to save for anything.
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"I remember overhearing the following conversation between my housemate and the bank when we were at university
Him: ‘hello there, can I increase my overdraft!’
Bank: ‘we’re checking your account now, do you realise you spend £16.50 at the same time every day at Thresher’s?’
Him: ‘yes, and?’
Bank: ‘Just wondering Sir, is it one of the larger stores? The kind that do food and stuff..?’
Him: ‘no’
Bank: ‘a further £250 sir, enjoy’
People don’t give a shit what the bank or anyone else say or think. The problem is our aspirational society and the fact that free credit has removed the need ever to save for anything.
"
That's the issue, people become dependent on free credit, consumerism encourages more spending such that they then need expensive credit and before long are locked into a spiral of debts which are unsustainable. |
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By (user no longer on site)
over a year ago
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"I remember overhearing the following conversation between my housemate and the bank when we were at university
Him: ‘hello there, can I increase my overdraft!’
Bank: ‘we’re checking your account now, do you realise you spend £16.50 at the same time every day at Thresher’s?’
Him: ‘yes, and?’
Bank: ‘Just wondering Sir, is it one of the larger stores? The kind that do food and stuff..?’
Him: ‘no’
Bank: ‘a further £250 sir, enjoy’
People don’t give a shit what the bank or anyone else say or think. The problem is our aspirational society and the fact that free credit has removed the need ever to save for anything.
That's the issue, people become dependent on free credit, consumerism encourages more spending such that they then need expensive credit and before long are locked into a spiral of debts which are unsustainable. "
Agreed... I caught the tail end of weekly pay before everything started going to monthly. Just a theory, but was it easier back then to control money on a weekly salary? |
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Works the other way too...it wasn't until I was in my late twenties (I know...) that I realised being good with my money, spending within my means, not having an overdraft, credit card or loan was in fact not great in the real world. Still working on building my credit rating. Ffs. |
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By (user no longer on site)
over a year ago
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"Natwest finally admitted to mis-selling me a consolidated loan of £32k, woo hoo! Thank you Martin Lewis, Money Expert.com"
How were you mis sold it
Did you not know what you were taking on or did they really persuade you to take on such a large loan |
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"
Agreed... I caught the tail end of weekly pay before everything started going to monthly. Just a theory, but was it easier back then to control money on a weekly salary? "
One of the things I taught my son when he got his first job was to have two bank accounts. One for bills and one for spends, once he worked out what bills had to be paid he multiplied what was left by 12 and divided by 52 then set up a weekly standing order from the bills account to his spends account. He thought it was silly at first tell he realised he still had money the week before payday when none of his friends did! He still works on a similar system now! |
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Agreed... I caught the tail end of weekly pay before everything started going to monthly. Just a theory, but was it easier back then to control money on a weekly salary?
Yes once you had spent it it was gone spent many a Wednesday afternoon walking around with just a pound left for the pub that night (3 pints back in those days ) |
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"Works the other way too...it wasn't until I was in my late twenties (I know...) that I realised being good with my money, spending within my means, not having an overdraft, credit card or loan was in fact not great in the real world. Still working on building my credit rating. Ffs."
Which is why the current system is screwed. Imagine a technology that rewarded your prudent approach to money with an ultra high credit rating..... |
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By (user no longer on site)
over a year ago
|
"
Agreed... I caught the tail end of weekly pay before everything started going to monthly. Just a theory, but was it easier back then to control money on a weekly salary?
One of the things I taught my son when he got his first job was to have two bank accounts. One for bills and one for spends, once he worked out what bills had to be paid he multiplied what was left by 12 and divided by 52 then set up a weekly standing order from the bills account to his spends account. He thought it was silly at first tell he realised he still had money the week before payday when none of his friends did! He still works on a similar system now! "
I like that a lot |
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