Many UK residents are using online banking because they are too embarrassed to discuss their finances, a study has revealed.
More than half of Brits prefer internet banking in order to talk about their money face to face or on the phone, the Lloyds TSB research shows.
Privacy is the driving factor behind uptake of internet banking, with two-fifths of respondents citing this as a reason.
Furthermore, 43 per cent would prefer to apply for a personal loan online, while 32 per cent would use the web to apply for a credit card.
Anita Hockin, head of internet 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."
Lloyds TSB provides an internet banking service, where users can obtain full statements of their account, apply for personal loans and extensions of their credit card limit and make transfers and payments.
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