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Brits bank online to save their blushes

Almost a quarter (24%) of the UK population are too embarrassed to talk about their finances over the phone or face to face, according to new research from Lloyds TSB.

The findings reveal that more than half the population (54%) now prefer to do their banking online, to avoid discussing their money matters openly.

The desire for privacy is a huge factor in the decision to bank online, with two fifths (45%) of survey respondents citing this as a reason. Two fifths (43%) also say that they’d feel more comfortable applying for a loan online rather than speaking to somebody, and more than a third (38%) say that they’d be more likely to apply for an overdraft or overdraft extension on the web. A further third (32%) say that they’d prefer to apply for a credit card online.

Anita Hockin, head of internet banking at Lloyds TSB said, money is one of the few subjects that many people still feel uncomfortable talking about, even with their bank. Internet banking has become increasingly popular in recent years, not just because it’s convenient, but because it gives people privacy when it comes to managing their money.

While privacy is cited as a major factor to bank via the internet, nine out of 10 (87%) say they bank online to save time. Nearly two thirds (64%) say that internet banking fits in with their buys lifestyle, and over half (58%) say that it puts them in control of their money.

The survey also found that the majority of customers (90%) feel that online banking takes the stress out of managing their money. 92% said that banking online encourages them to check their bank balance more often.