Over a third of Brits now bank online

The amount of people who conduct their banking via the internet has almost doubled in the past four years, it has emerged.

A total of 16.9 million adults now bank online, using the internet for purposes such as paying bills, checking statements and applying for credit cards, according to research from Apacs.

This figure amounts to over a third of the population, while it was also found that two-thirds of those with a current account access their details at least once a week.

Apacs discovered that all age groups were using online banking more than previously, with 16 to 24-year-olds showing the largest growth since 2002.

However, those over 55 years old are split evenly between telephone and online banking.

“The older we get, the more complex our finances tend to become,” said Sandra Quinn, director of communications at Apacs.

“Our research shows that increasingly, if you are under 35, you are more than likely to be turning to the internet rather than the phone to manage your finances,” she added.

Meanwhile, Apacs recently revealed that the chip and pin method of payment has reduced money lost through counterfeit and fraudulent practices by £60 million since it’s introduction 14 months ago.

© Adfero Ltd

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