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Personal Finance

Survey: 36% of Americans look at their bank account daily

How often do you check on your bank account? Are you someone who forgets to do so for weeks at a time, or someone who checks it multiple times a day?

Depending on which category you fall in, new data from Lexington Law might resonate with you: it shows that 36% of Americans look at their bank account every single day. More than 5,000 people were surveyed in total, although different groups weighed in on each question.

Here’s how often people look at their bank account

While previous research from Fidelity has found that 64% of Americans know their partner’s bank account passwords, Lexington Law found that looking at it is a regular habit.

Here’s how often people say they check their account:

  • “Every day:” 36%
  • “Once a Week:” 30%
  • “Once a Month:” 8%
  • “Twice a Month:” 8%
  • “Less Than a Month:” 18%

Here’s where Americans stash their cash

An alarming amount of people— almost half— say they don’t save any money at all.

  • “I Do Not Save Money:” 43%
  • “Savings Account:” 25%
  • “Mutual Funds:” 12%
  • “Stocks:” 11%
  • “Real Estate:” 6%
  • “Bonds & Certificates of Deposit:” 3%

Americans’ relationships with their credit card(s)

Here’s how often respondents say they look at their credit scores:

  • “Daily to Weekly:” 6%
  • “Monthly:” 17%
  • “Semiannually:” 8%
  • “Yearly:” 15%
  • “I Do Not Check My Credit Score:” 54%

So, how many credit cards do respondents have in their wallets? The research found that while 40% of respondents said they don’t have any credit cards, 17% said they have one, 16% said they have two and 11% said they have three. Just 10% said they have five or more credit cards, and 6% have four.

“This survey should come as an alarm for some who are falling behind on tracking personal finances and staying up on their budgets. These numbers are surprising and we hope to see Americans better their finances,” John Heath, Directing Attorney at Lexington Law, told Ladders. “This may be achieved through the use of newer technologies and apps that have made good personal finance management easier to achieve.”

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