MORE than one in 10 people admit they would not immediately notice if £1,000 was stolen from their current account, a survey has revealed.

About 14 per cent of people said they would not spot the loss immediately, with 21 per cent saying they only checked their bank balance once a month, according to mobile phone banking technology group Monilink.

Just over half of people said they checked their bank balance once a week, but 32 per cent admitted their knowledge of how much money they had in their account was poor.

Nearly three out of 10 people said their finances made them suffer sleepless nights, and 16 per cent said they suffered from finance-phobia and were often afraid to check their balance.

Four out of 10 people said they had accidentally gone into the red because they did not know how much money was in their account, with 18 per cent saying they typically went overdrawn by more than £300.

About 41 per cent said they would like to feel more in control of their cash, with 8 per cent admitting their finances were out of control.

But one in 10 people said they would go overdrawn to buy something they wanted but did not need, with people most likely to spend money they did not have on food and drink and luxury items, such as watches, and clothes.

Chief executive of Monilink Alastair Lukies said: "Poor money management and existence of finance-phobia in Britain is worrying considering the rising levels of debt problems Britons face."

Nationwide's press officer Steve Cowdry added: "We are a little surprised at the findings and, especially in the current climate, would urge everyone to regularly check their statements and keep a close eye on their account for any unusual activity.

"Regarding the loss of the CDs from HMRC, however, we would like to put all our customers' minds at rest that the risk of compromise is extremely low and, in any event, if anyone suffers any fraud on their Nationwide accounts as a result, we guarantee that they will suffer no financial loss."