Brits bank online to keep a close eye on their money
As a nation we like to keep a close eye on our money - making use of online technology to check our bank account as often as once a day, but many still spend valuable hours in their bank branches to tackle the most straightforward of tasks, according to research by Pay YOUR way, the campaign helping people benefit from modern payment methods.
Keeping a tab on our money
The research shows that two thirds (67%) of Brits say online banking is their preferred way of accessing money - with a quarter of us (24%) checking our bank account as often as once a day! A further two in five (39%) say they check their online banking at least weekly, while only 15% of the nation admit to never using their online banking service.
Confidence in making transactions using online banking is high amongst consumers, with almost four in five adults (79%) saying that they are confident making online transactions, rising to 90% of 25-34 year-olds. This compares to only 4% of Brits that say they are not confident. In fact, overall nine in ten (89%) have made online transactions, falling to 80% of the over 65s.
Face to face still has a place
Just over a quarter (28%) say they would prefer the ‘traditional' way of managing your money - by going into your bank or building society branch. Just over one in ten (12%) of us visit our local bank branch at least weekly, while a further 10% say they go on average every two weeks. Yet, 7% of us say they never visit their local bank branch!
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. The preference to keep an eye on your money via online methods peaks among the younger generation - 75% of those aged 25-34 opted for this as their preferred method of banking.
Sandra Quinn from the Pay Your Way campaign comments: "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! 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. Our 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."
The Payments Council is urging people who want to understand more about their payment options, or to test how much they think they know, to visit payyourway.org.uk, or to follow the campaign at twitter.com/PayYOURwayUK The website's educational content will be regularly updated and leaflets will also be available.