In today’s digital age, it’s easier than ever for people to monitor their finances and bank accounts. With online and mobile banking, account holders can check their balances, view recent transactions, transfer funds, and more, all with just a few taps on their smartphone. This convenience means many people are checking their bank accounts frequently throughout the day. But exactly how often does the average person check their bank account? Let’s take a closer look.
Key Statistics
Here are some key statistics on how often people check their bank accounts:
- 29% of people check their account balance daily.
- 61% check their balance at least once a week.
- 13% check roughly once a month.
- 7% check less than once a month.
So the large majority, around 90% of people, are checking their account at least weekly. Daily checks are also common, with 3 in 10 people logging in to check their balance every day.
Frequency by Demographics
The frequency of checking bank accounts varies somewhat across different demographic groups. Here’s the breakdown:
By Age
- 18-29: 38% check daily
- 30-44: 31% check daily
- 45-60: 26% check daily
- 60+: 19% check daily
Younger adults tend to check most frequently, with nearly 4 in 10 aged 18-29 checking their accounts daily. Checking frequency declines slightly with age.
By Income
- Under $50k: 24% check daily
- $50k-100k: 32% check daily
- Over $100k: 35% check daily
Higher earners check in daily at higher rates. This reflects greater account usage and monitoring among those with more discretionary funds.
By Gender
- Men: 32% check daily
- Women: 27% check daily
Interestingly, men check their accounts somewhat more frequently than women on a daily basis. But a majority of both genders are checking at least weekly.
Reasons for Checking Frequency
What drives people to check their accounts so regularly? Here are some of the top reasons:
- Monitoring spending and balances
- Transferring funds between accounts
- Paying bills online
- Checking for fraudulent activity
- Reviewing recent transactions
- Checking investment account balances
- Staying on top of expenses
For many, their bank account is a daily financial barometer. Frequent checking provides peace of mind that everything is in order, that no unauthorized charges occurred, and that balances are where they need to be. Apps and account alerts also make this effortless to do on the go.
Habitual Checking
For some, checking their bank account becomes a habitual behavior. The ease of mobile banking means an account balance is always just a few taps away. So people get into the routine of checking as part of their daily digital routine. For others, it can be almost addictive or compulsive – a desire to constantly monitor their financial status.
Anxiety and Compulsion
While most people have healthy financial monitoring habits, for others frequent checking becomes anxious and compulsive. A survey found that 73% of Americans admit to checking their accounts more often than needed. Psychologists liken it to obsessive hand washing or repeatedly going back to check if the stove is off. This anxiety leads to constant account checks for reassurance.
Tips for Healthy Account Monitoring
Here are some tips for keeping account checking in moderation:
- Track spending in a budget app instead of your bank account
- Set up account alerts for certain balance thresholds or large transactions
- Consolidate accounts to fewer to check
- Check on a set schedule such as weekly instead of daily
- Use spending reports to monitor activity vs. checking
- Identify triggers or habits that lead to excessive checking
Monitoring finances is important, but compulsively checking accounts too often can create unhealthy money anxiety. Set limits and use digital tools mindfully.
The Bottom Line
Checking a bank account daily or weekly is common. About 3 in 10 people check every day according to surveys. Nearly 9 in 10 check at least once a week. Frequency does vary by age, income, and gender demographics. People are driven to check by a desire to monitor balances, pay bills, check transactions, and more. For a minority, habitual checking can become compulsive and anxious. But overall, the convenience of mobile banking means checking in on a bank account is just part of many people’s regular digital routine. Monitoring finances shouldn’t cause stress. With mindful habits, people can keep tabs on their money in a healthy way.
| Age Group | Percentage Who Check Account Daily |
|---|---|
| 18-29 | 38% |
| 30-44 | 31% |
| 45-60 | 26% |
| 60+ | 19% |
Conclusion
Checking bank accounts is frequent but varies across demographics. Most do it to monitor finances and transactions. Excessive checking can be unhealthy. But with the right habits, people can keep tabs on their money effectively.