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Online banking still ignored by millions, according to report

Thu, 06 Jan 2011

A survey by consumer organisation Which? has found that the growing popularity of online banking and electronic finance methods has still to make inroads into how millions carry out their personal finance .

The survey revealed that 76 per cent of people in the UK used cheques during 2010, despite the belief that this payment method was supposed to be much less popular than it was. As well as over three quarters of us using a cheque last year, it was also shown that about 50 per cent of us had written one in the last month.

It was revealed that around 41 per cent of people used cheques to pay suppliers or tradespeople, while 23 per cent gave them as a gift to friends and family and 14 per cent wrote them to pay for outings or the cost of school dinners. The findings seem to confirm that many people are still concerned about the safety of using electronic banking .

However, the results of the Which? survey come as the Payments Council say that they expect the cheque clearing system to be phased out within the next eight years, leaving many wary of electronic banking needing advice about managing their money.

They survey also found that consumers would be most happy with cash, internet banking or direct debits once cheques were not available, but were less comfortable with methods such as mobile phone banking and contactless payment cards.
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