Nearly half (46%) of UK adults say that they now bank online through their mobile phone or a mobile app - and over a third (37%) of mobile banking users say they login to their account at least once a day.
Latest research* carried out on behalf of budgeting account provider thinkmoney found that young people are the most likely to use their mobile phone for banking, with 69% of 18-24s and 72% of people aged 25-34 saying that they do so.
However, it’s not just the younger smartphone users who have taken to the technology, as two-fifths (41%) of those aged 45-54 say they do their online banking through their mobile too. People over 55 are the least likely to use mobile banking with just one in five (21%) saying they use their phone to do their banking.
Of those that use mobile banking, the research found that 37% say that they login at least once a day, rising to 44% of those aged 25-34. In fact, 88% of mobile banking users age 25-34 say that they login at least once a week.
Ian Williams, spokesman for thinkmoney, says: “Given that rate of uptake of mobile banking, it won’t be long before over half of current account customers are using their phone to keep up to date with their account, transfer money and pay bills via Faster Payments. Younger users are driving the change – with close to three quarters of those age 25-34 already banking via their mobile – and most doing so at least once a week.
“Not only does mobile banking allow customers to stay more on top of their finances – but it allows them to do so wherever and whenever they choose to.”