Source: Alliance & Leicester
With the hectic lifestyles people lead today, anything that makes day-to-day tasks as hassle-free as possible is welcome – and managing finances is no exception. A growing number of Britons are enjoying the convenience of internet banking, with a 63% rise in people managing their current accounts online since 2003*.
The increase in the popularity of internet banking is further highlighted in research findings** from Alliance & Leicester Current Accounts which reveal that of those using internet banking, over three quarters (78%) now do all or most of their banking online, compared to 39% two years ago.
And it isn't just convenience – the research reveals that those who do all of their banking online are the most likely to feel fully in control of their finances (44%) compared to the population as a whole (36%).
Seven in ten internet bankers (70%) say they check their statements online and find it easier than receiving paper statements – and a third of all adults with access to the internet (33%) wish they could deal with all their bills online. This is no surprise, with two thirds of people (67%) receiving between one and five bills through their letter box each month and one in ten (10%) receiving six or more bills on their doormat every month.
A number of Britons feel the amount of paper they receive is excessive, with 15% wishing they didn’t receive paper statements for accounts which have already been paid, and 9% saying they receive too many paper-based bills.
One in ten (10%) Britons admit failing to destroy their paper bills thoroughly, with 4% throwing away these documents without even attempting to destroy them and a further 6% just tearing them up before binning them, leaving them at risk of potential identity theft. It is encouraging however, to see that many are responsible and take steps to ensure their identity is not compromised by either shredding (44%); burning (6%); or composting (1%) their paper bills.
Helen Palmer Manager of Current Accounts at Alliance & Leicester said: “With our busy lifestyles, internet banking is more convenient for many people than traditional branch banking. Banking online allows customers to address payments and bills without having to deal with reams of paper. Alliance & Leicester customers now also benefit from new internet security measures ensuring peace of mind and the utmost security when banking online."
* Gfk's Financial Research Survey (FRS). All rights reserved (2003-05 N=83,301 adults)
** YouGov research carried out between amongst 2,395 GB adults between 23 and 27 February 2006