Majority of Brits using Web banking, says Lloyds TSB

Majority of Brits using Web banking, says Lloyds TSB

More than two thirds of Brits - 68% - conducted the majority of their banking over the Internet in 2006, a three fold increase on 2005, according to research released by Lloyds TSB.

The survey of 2005 UK adults conducted by Ciao found that 68% conducted the majority of banking onn the Web in 2006, compered to just one in five - 18% - in 2005.

Just one in ten (11%) of respondents said that they have never managed their money online.

The over 50s are leading the way, with 70% claiming that Internet banking is their preferred method of money management. Conversely, younger people aged between 18 and 25 are the least likely to bank onlinwe, with just over a third (36%) preferring to use the telephone or go to their local branch.

Anita Hockin, head of Internet, Lloyds TSB, says the growth of Web banking is phenomenal and this year is set to break records.

"We now have over four million registered Internet banking customers and the 2nd January was the busiest Internet banking day we’ve ever had with around ten customers logging on every second," she adds.

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