Five out of ten consumers are embarrassed about being overdrawn and one in three would never tell their parents, research from Nationwide reveals.
This is despite almost 40% of people being more comfortable about going overdrawn now than they were a decade ago.
Stuart Bernau, Nationwide's executive director, says: “It is interesting that so many people do not want to admit, even to friends and family, that they use an overdraft. A well-managed overdraft is nothing to be ashamed of, especially for people who have chosen a competitive interest rate.
“Many of these people are paying over the odds for their overdraft and it's quite possible that some are embarrassed about their overdrafts because they know they are paying far too much for them. Our research showed that only 20% of people would be prepared to move their current account to get a better overdraft facility. My advice is: if you're with an expensive provider, then shop around and switch to a better deal.”