Over-55s people take to internet banking

People over the age of 55 are embracing online banking services, with the greatest proportion of new users falling into that age range, according to research by payments association APACS.

The number of UK adults using online banking has increased from 6.2 million in 2001 to 17m last year. This includes a 350 per cent increase in usage among the over-55s.
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These figures correlate with diminishing figures for telephone banking as online banking increases in popularity, registering more users for the first time.

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.

The study also shows that those who bank online are more likely to shop online. Internet bankers make an average 29.2 purchases a year while non-users make 16.4.