Over-55's embrace online banking

The U.K.’s payments association, APACS, has revealed data that shows that, in the past five years, the use of Internet banking has risen 174 percent from 6.2 million in 2001, to 17 million in 2006.

For the 55-64 age group this percentage rises to 425 percent compared with a 95 percent rise in the 25-34 age group.

“While younger people continue to make up the majority of online banking users, the greatest proportion of new internet bankers are the over 55s,” said Sandara Quinn, APACS director of communications. “ As a group they have come to embrace the ease and efficiency that online banking offers.”

Earlier this year, Hitwise released figures which demonstrate that silver surfers are fast becoming the largest online demographic. In the four weeks to 12 May, 2007, the largest online demographic was the 35-44 age group, accounting for 23.5 percent of internet visits. Silver surfers had 22 percent of visits.

Tags: APACS, Hitwise, internet banking, silver surfers