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The online revolution continues

The online revolution continues

Category: Banking

Updated: 14/12/2012
First Published: 19/05/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The online money revolution continues apace in the UK, with the majority of people saying it is their preferred method of banking.

Online banking has exploded in popularity in recent years, with research from the Payments Council showing that 67% of Britons prefer to access and manage their money online.

A quarter of us are so meticulous with our money matters that we check our online accounts every day, with a further two in five checking their online banking at least once a week.

And whereas once there was wide-scale suspicion about online banking, there is now a high degree of confidence when making transactions on the internet.

Almost four in five (79%) adults say they are confident making transactions online, rising to 90% of 25-34 year olds.

There are still many people – particularly older Britons – that prefer to visit their local branch, however.

Just over a quarter (28%) of people say they would prefer the 'traditional' way of managing their money, while over one in ten (12%) of us visit our local bank branch at least weekly.

Visiting a branch/building society is most popular amongst older generations, with 42% of respondents aged 75 and over preferring to visit their branch compared to only one in five (20%) 18-24 year-olds.

"We all lead busy lives and managing your money online is a great and safe way of saving valuable time, while being able to keep an eye on our finances as often as we like," said Sandra Quinn from the Pay YOUR Way campaign.

"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.

"Whilst it's true that not everyone is online, those who are may well find that they prefer the speed and convenience of online banking, leaving them more time to enjoy the finer things in life."

The Payment Council's Pay YOUR Way campaign aims to explain all the payment methods currently available to consumers, whether it is online or in fact cash or cheque payments, to allow people to choose the best options for them and to be able to learn more about methods they may not be using already.

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