Older generation enjoying online banking facilities
October 5, 2007
A recent report has shown how the popularity of Internet banking has soared amongst those aged 55 and over in the UK.
The popularity of Internet banking as a whole has grown over the past six years, with figures indicating a rise of 175% in the use of Internet banking since 2001 amongst adults in the UK. However, there has been a rise of 350% amongst those aged 55 and over during the same period, so although younger adults remain the largest user group of online banking the larges rise in popularity has been amongst those aged 55 and over.
In 2001 just over six million people were using online banking services, but by 2006 this had rocketed to seventeen million. Of these, around 3.6 million were aged 55 and over. With accessibility and affordability of broadband better than ever, it seems that older consumers, also known as silver surfers, are taking full advantage of increased accessibility and are using the Internet to conduct their day to day business such as banking rather than having to make a special trip to the local branch.
Sandra Quinn from the Association of Payment Clearing Services stated: “While younger people continue to make up the majority of online banking users, the greatest proportion of new internet bankers are the over 55s. As a group they have come to embrace the ease and efficiency that online banking offers.”
She also added that the rising popularity of Internet banking had seen a decrease in the popularity of phone banking. She said: “Our research shows that more and more people are turning to the internet rather than the phone to manage their finances.”
A rising number of Internet banks and increased online banking facilities and services have helped to increase the popularity of online banking across the UK over recent years.
Alan Wright
5th September 2007
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