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People lose track of their money `for a host of reasons`
30 November 2007
Many consumers simply forget about some of their investments or bank accounts, according to the Unclaimed Assets Register.
The recent popularity of using the internet for financial dealings has only made the likelihood of forgetting about transactions or accounts more likely, the service stated.
Forgetting about an account is simply human nature, according to Paula Brine, a spokesperson for the Unclaimed Assets Register.
She said: "People are forgetful, people are a little bit neglectful of paperwork sometimes ... As the years pass, you lose the documentation, you forget who the company is.
"Other [causes may be] that people fall ill and they don`t tell their partners or next of kin that they`ve made investments - so they`re not aware, if anything happens to the individual."
When people take out long-term investments they are much more likely to forget about them, Ms Brine added.
The number of people visiting the dormant account search page of the British Bankers` Association has neared a quarter of a million, the group has reported.
Losing track of one`s assets can exacerbate debt problems and other financial troubles.
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