Young drive internet banking revolution

Seven out of every ten young adults with access to the internet now bank online, new figures have revealed.

15:27 21 January 2005

Seven out of every ten young adults with access to the internet now bank online, new figures have revealed.

While 70 per cent of 18 to 29-year-olds manage their personal finances online, this figure drops to 59 per cent for all internet users.

Increased accessibility and the spread of broadband have been cited as the reasons behind the remarkable uptake.

Broadband's always on nature and the fact it leaves phone lines available for use, mean people feel more comfortable spending time online managing their personal finances.

The research from uSwitch.com reveals that of those purchasing broadband 52 per cent want to be able to use the phone at the same time as the internet.

However, over a third (35 per cent) of those surveyed cited cost as the main reason for not having broadband access at home.

But there are powerful arguments in favour of adopting a high-speed internet connection.

As well as increased speed and convenience, and the ability to use the phone while online, there are other advantages.

Being able to check current accounts, statements, and arrange or alter standing orders and direct debits at any time of day or night without having to leave your home can save money as well as time.

Yesterday Prudential revealed that forgotten standing orders and direct debits are costing the average Briton 53 a month, with one person in five saying they have discovered that they were paying for things they no longer used or needed.