Do you have more than one current account?

griff11

TBH it sounds like you are assuming that people on this forum are on benefits including in work benefits are financially illiterate which from my  experience is simply not true
and this thread has demonstrated there are many using multiple accounts .   

Ive worked with smart, well paid people with numerous county court judgements against them or just over committers who've borrowed the maximum mortgage that leaves them broke after paying it!  I've close family who've lived on benefits for almost all their lives and they manage their money well, certainly not financially illiterate. 

Plus the e OP never mentioned benefits just the issue of a back up bank account so you've tried to justify your response to having one bank account by bringing benefit claimants into it.  

I'm glad you have little need of cash but unfortunately there are still people /businesses who only accept cash.  The man who cuts my lawns, the window cleaner, the builder who fixed some roof tiles , the local shops who have minimum card transaction.  During last years pandemic I shopped for older neighbours and they only did cash - one even asked me to get money out of machine for her. - I declined as too much responsibility having someone PIN number but she got cash somehow !    They don't online bank so no chance they would transfer money toe.  Even my local Chinese takeaway is cash only. I try to take out sufficient cash for the month but not the first time my card swallowed !  

Fraudulent transactions are far more common than people realise .  I know it's not uncommon as often discussed in my former work place and my hubby former police officer so also fraud aware.  What is shocking is that so many people don't review there bank statements so miss duplicate & fraudulent charges .  

I never use credit card to bank transfer money.  I was reimbursing a friend for a joint gift so simple transfer and I'd have hated to make her wait for money. She might have needed it .  

Caz_Alumni

How does that old saying go? 'There are three thing that you should never talk about, religion, politics and money?'. Looks like we've strayed into some slightly sensitive territory here when it comes to the discussion about personal finances and how we all choose to manage our money.

Just to follow up on some of the points that have been raised in relation to the comments above. How people manage their own finances is clearly going to be dependent on a range of different factors, including how confident each of us feels when it comes to money matters. Inevitably, we're all very different in that respect, so as with lots of other things, probably best to avoid an over-reliance on generalisations when it comes to how we regard different groups and their capabilities in managing their spending. Even if the statistics do provide us with an overview of how different demographics tend to approach the issue of finances, benefits, spending and money management, that's not always a clear reflection or wholly accurate picture of how each one of us chooses to manage our money.

Also, I think it might be an idea to use the term 'financial capability', rather than financial literacy or illiteracy in any further discussions on this thread? That's the term adopted by The Money Advice Service, which also recognises that: 

There are various definitions of financial capability, but almost all recognise that capability comprises more than just skills and knowledge. It also encompasses behaviours, attitudes, motivations and the degree of connection to the financial system. 

Hopefully, that might help to promote a more positive tone when it comes to how we all refer to people's capabilities in managing their finances? And for anybody who is looking for some additional support when it comes to managing your finances, you might also want to have a look at the Money Advice Service pages here.