Over 50s lead the way with Internet banking

Over 50s lead the way with Internet banking

Two thirds of over-50s who use the Internet are now managing their finances online, placing 'silver surfers' among the fastest growing Web banking users in Britain, according to a survey by market research firm BMRB International for NatWest OnLine Banking.

Furthermore, the survey of 1000 Web users over 50 found that 64% of over 70 year old Internet users are logging on to check account balances once a week.

Commenting on the research, David Head, head of NatWest OnLine Banking, says: "Silver surfers are clearly embracing Internet banking as we have seen a 58% increase in the number of over 50s choosing to manage their finances online in the last year alone."

According the research 10% of respondents log on to check their balance every day while over 75% check in once a week.

On average, silver surfers use the Internet to check bank balances eight times a month, pay bills twice a month and review statements six times a month. The majority of activity tends to be once a month when 37% pay bills and nearly a third move money between accounts. The research also found 24% of respondents are also checking their shares online.

Three quarters of respondents said convenience was the main reason for banking online, while 21% cited better interest rates as the motivation for logging on.

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