1 in 4 web users 'bank online every day'
Published 11 November 2011 by Linzi Nuttall
The popularity of online banking is on the increase, with research revealing that 1 in 4 web users bank online every day.
It appears that the popularity of internet banking is growing rapidly. Research from PayYOURway.org.uk, the education campaign for payments launched by The Payments Council, revealed that 25% of web users now log on to internet banking daily, and a further 39% bank online at least every week.
It also seems that, with the speed and convenience internet banking can offer - whether you want to make payments, transfer money, or check your balance - many of us are turning our back on the High Street and accessing our bank accounts online instead. In fact, only 13% of UK web users visit their local bank branch every week to manage their finances.
79% of internet users said they are confident making online banking transactions - growing to 90% of 25-34-year-olds. In contrast, only 25% of over-55s in the UK have ever managed their money online - perhaps unsurprising, given the lower rate of internet use among the older generations.
Looking at the overall picture, internet users make 110 visits to their online bank account every year on average - highlighting just how useful many people find managing their money on the web.
A spokesperson for thinkmoney commented: "As more and more of us regularly use the internet in our daily lives, it's no shock that internet banking is so popular.
"Whether you want to transfer money, make payments or simply keep track of your balance, being able to access your bank account online can be a quick, convenient and safe way of managing your finances - from just a few clicks away.
"However, as with banking on the High Street, your personal security should be a high priority. Always keep your passwords and PIN number safe, make sure you have up-to-date anti-virus software installed on your computer, and report any suspicious transactions to your bank straight away."