A quarter of Brits feel 'uncomfortable' with online banking, reveals survey

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12th February 2020 14:54 - Financial Services

A quarter of Brits feel 'uncomfortable' with online banking: A survey asking UK adults how they manage their money has found that almost a quarter (23%) are 'uncomfortable' with banking online, with more than a third (35%) revealing they avoid mobile banking apps. 

The YouGov poll found that although we are living in digital times, not all Brits are embracing the world of online when it comes to their banking needs, with more than a quarter (26%) instead choosing to use traditional high street branches to keep on top of their finances. 

More than half those polled (53%) said they managed their money via a mobile banking app associated with one of the traditional banks such as Lloyds or HSBC, while 48% used the online banking facility attached to a traditional building society.

When it comes to 'app only' banking (such as Monzo or Starling), less that one in ten (8%) said they manage their money this way. 

The survey also found that 17% manage their finances using their own methods such as a spreadsheet, or withdrawing cash in order to monitor spending, while 7% said they do not normally budget their finances at all. 

One in twenty respondents said they use telephone banking to manage their money, while investment apps (3%) and budgeting apps were also mentioned (2%). 

In terms of how frequently Brits check in with their main banking provider via smartphone apps, more than half (53%) said they had interaction at least once a month, with a fifth (18%) revealing they checked in once a day, and just more than a quarter (27%) interacting once a week. Two thirds (67%) said they logged into their online banking monthly, while once a week was enough for a third (34%), and 13% engaged daily. 

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