4 August 2006

Almost nine out of ten UK residents feel more confident about their finances because of online banking, a study from Lloyds TSB indicates.

Furthermore, 92 per cent state that the service encourages them to check their balance more regularly to keep abreast of their finances, while 90 per cent report that online banking reduces the stress of financial management.

Just under a quarter of those questioned by Lloyds claim that dealing with their finances face to face or over the phone is too "embarrassing", with 54 per cent preferring to conduct their transactions over the Internet.

Anita Hockin, head of Internet at Lloyds TSB, commented: "Money is one of the few subjects that many people still feel uncomfortable talking about, even with their bank."

Ms Hockin adds that Internet banking has become increasingly popular in recent years, because of its convenience and because it affords privacy when dealing with finances.

These figures echo recent comments from an expert at Fidelity Funds Network, who stated that the number of customers willing to invest on the company's website has seen a "rapid rise".

© Adfero Ltd

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