Managing Pins And Passwords Is Too Stressful

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Written By Mostafa Moradi

If you find managing your money stressful, you’re not alone, according to new research.

One in five adults fear they have lost control of their finances.

Consumers spend an average two hours a week dealing with money matters and look for lost PIN numbers and passwords.

A third say they have too many accounts and passwords and managing them is stressful, while more than a quarter (28%) feel looking after their money is like holding down a full-time job.

The proliferation of usernames, passwords and PIN numbers comes from most adults holding an average 30 personal finance accounts and contracts.

Half of us write down passwords

Besides banking, insurance, credit cards and mortgages, most adults also have gym membership, online entertainment services and subscriptions for numerous other online services, the research by UK comparison web site Go Compare revealed.

Instead of following security advice and having unique passwords for each account that are regularly changed, one in three consumers have a handful of passwords for all the accounts.

More than half (54%) admitted they write down their account details, while one in four just click the ‘forgotten password’ link every time they log in.

Despite password manager software available for free or at low cost, almost 40% of consumers have no system for tracking their online log in information.

Hacked accounts

Matt Sanders, head of money at Go Compare, said: “From our research it’s clear that many people feel that they are drowning under the weight of managing their personal and money-related affairs. While the move to online account management has made things like entertainment and banking much more accessible, it has significantly increased the number of accounts we all hold and the log-ins, passwords and monthly payments we must remember.

“New technology has also presented a range of opportunities for cybercriminals – scamming people out of their personal details and money through increasingly sophisticated means.

“One in 10 people who took part in our survey said that they had an online account hacked, while 12% said they had been a victim of a financial fraud. This means that it’s essential that you make the time to manage both your offline and online accounts to ensure that your personal data is safe and secure.”