Factlet of the week

A survey of internet bankers by Lloyds TSB (one of the large UK banks) found that over two thirds of people used online banking in 2006 – up from just one in five a year earlier.

Over half (57%) of the 2,005 respondents reported turning more frequently to the internet when banking and only one in ten (11%) said they never managed their money online.

The research showed 70% of over 50s claiming using the internet was their favorite way of banking. Younger people aged between 18 and 25 were the least likely to conduct their finances on the web, with over a third (36%) preferring to use telephone banking or visit their local branch. Dick Stroud