26 September 2016
Find out more

Brits prefer to manage money online

20 May 2011  |  7403 views  |  0 Hands on keyboard

Around two thirds of Brits say online banking is their preferred way of accessing money, with a quarter checking their accounts as often as once a day, according to a survey commissioned by the Payments Council.

However, the poll of 4020 adults, conducted by Opinium Research, shows that age is still a major factor, with only a quarter of over 55s having ever banked online.

Meanwhile, around 80% of Brits are confident making online banking transactions, rising to 90% of 25 to 34 year-olds. In fact, overall nine in ten have made online transactions, falling to 80% of the over 65s.

There is still support for face-to-face contact though, with just over a quarter of respondents saying they would prefer the 'traditional' way of managing money - by going into a bank or building society branch. Just over one in ten visit their local bank branch at least weekly, while a further 10% say they go on average every two weeks. However, seven per cent say they never visit their local bank branch.

Visiting a branch is most popular amongst older generations, with 42% of respondents aged 75 and over preferring this, compared to only one in five of 18 to 24 year-olds.

Sandra Quinn, Payments Council, says: "Technology changes all the time and it is great to see that confidence in making online transactions is so high already. But we must not forget that many people are still new to online banking and especially amongst the older generations, there are still a lot of people who are yet to benefit from it."

The Payments Council commissioned the research to coincide with the launch of an educational campaign called 'pay YOUR way' designed to promote "modern" payment methods. A Web site has been established, using videos to provide news and information on payment methods.

The campaign comes after the body faced heavy criticism recently over plans to abolish cheques by 2018 and has vowed to ensure that viable alternatives will be available for vulnerable groups, especially the elderly.

 

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Dumping cheques could "spell disaster" for UK charities

Dumping cheques could "spell disaster" for UK charities

09 May 2011  |  8033 views  |  6 comments
US Treasury prepares to retire cheques

US Treasury prepares to retire cheques

26 April 2011  |  8527 views  |  0 comments
Santander denies online banking hack

Santander denies online banking hack

19 April 2011  |  13687 views  |  0 comments | 2 tweets
Online security set to be critical imperative for banking industry

Online security set to be critical imperative for banking industry

15 April 2011  |  9857 views  |  0 comments
MPs reopen inquiry into abolition of cheques

MPs reopen inquiry into abolition of cheques

14 April 2011  |  9419 views  |  13 comments
UK banking fraud losses at their lowest for a decade

UK banking fraud losses at their lowest for a decade

09 March 2011  |  11975 views  |  0 comments
Payments Council floats paper-based alternative to cheques

Payments Council floats paper-based alternative to cheques

07 December 2010  |  9122 views  |  6 comments
US consumers prefer online banking - ABA survey

US consumers prefer online banking - ABA survey

01 October 2010  |  9958 views  |  2 comments
US online banking customer satisfaction slips but remains high

US online banking customer satisfaction slips but remains high

13 May 2010  |  8059 views  |  0 comments
UK online banking losses continue to climb

UK online banking losses continue to climb

07 October 2009  |  10287 views  |  1 comments

Related blogs

Create a blog about this story (membership required)
Find out moreVisit colt.net

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
12785 views comments | 49 tweets | 45 linkedin
Banks test blockchain for reference data managementBanks test blockchain for reference data m...
8443 views comments | 16 tweets | 27 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
7704 views comments | 32 tweets | 16 linkedin
Deutsche Bank teams up with accelerator to back fintech startupsDeutsche Bank teams up with accelerator to...
7160 views comments | 12 tweets | 5 linkedin
Time has come to extract value from blockchain investment – new Finextra paperTime has come to extract value from blockc...
6861 views comments | 22 tweets | 16 linkedin

Featured job

Find your next job