One in Four Brits Check Their Bank Balance Online
Online banking is being adopted by one in four UK adults new research reveals, as many find it easier to monitor their balance this way.
While the majority find it quicker and easier to manage their money online, the study by Pay YOUR way showed many still waste hours in branches trying to sort out straightforward tasks.
Two thirds of Brits say online banking is their preferred way of accessing their money, with 24 percent admitting they check their bank account every day.
While 39 percent say they check their bank account weekly online, compared to 15 percent never use their online banking service.
“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,” commented Sandra Quinn, Pay Your Way campaign spokesperson.
“Technology changes all the time and it is great to see that confidence in making online transactions is so high already.”
Almost four in five also say they are confident using their online banking tools to make transactions, with 90 percent of 25-34 year-olds claiming so.
The older generations were shown to be the most likely to continue going into branches to complete transactions face to face.
Respondents aged 75 years old were the most likely to say they visit their branch or building society, with 42 percent preferring this to going online, compared to 20 percent of 18-24 year-olds. While 75 percent of those aged 25-34 opt online banking as their preferred method of banking.
Keeping a Close Eye on Balances
The ability for Brits to keep a close eye on their balances has never been more important than at a time when 29 percent still feel their job is not secure over the next year, and inflation rises to 4.5 percent.
Thirty one percent of workers say they are saving less than they did six months ago, according to HSBC research, suggesting people’s salaries are no longer covering living expenses as they once did.