The research, carried out in August, found that two‑thirds of women (66%) admit they do not know the fees applied when they go into the red, compared with 56% of men, highlighting a gender gap in financial awareness.
On average, participants said they dip into their overdraft for about four days each month; the figure rises to roughly five days for younger adults aged 18 to 44, suggesting that overdrafts have become a routine part of many households’ cash flow.
Financial commentator Ms Leyton described overdrafts as a "useful short‑term safety net" but warned that when payday loans merely bring balances back to zero rather than into credit, the overdraft ceases to be an emergency cushion and instead becomes a regular expense that should be scrutinised.
She advised consumers to check not only the interest rate but also whether their account offers an interest‑free buffer up to a certain amount, and to compare those terms with other providers to find a cheaper way to borrow.
Leyton cautioned that merely reshuffling debt will not solve underlying cash‑flow problems, adding that people whose overdrafts are increasingly covering essentials such as groceries and bills should investigate the root causes of the shortfall and seek early support if needed.
The survey’s findings come amid broader concerns about rising household debt in the UK, and consumer groups say greater transparency on overdraft pricing could help savers avoid hidden costs.