Consumers bank on the post rather than online for managing finances

A new survey investigating the attitudes of UK consumers towards their finances has revealed that nine out of ten people (88 per cent) prefer to receive physical copies of bank statements through the letterbox rather than relying only on online banking.

The research, undertaken by the Henley Centre in conjunction with Royal Mail, has also revealed that when it comes to safe delivery of confidential information, seven out of ten (70 per cent) people trust the post more than email. In a time when consumer concerns about identity theft and the level of personal information held by organisations are running high, the issue of trust and security is a key factor when it comes to communicating confidential financial information.

The survey, “Beyond the Gate: Making a Statement,” provides an insight into household financial organisation and the role of the post in the changing media environment.

Despite the rise in internet banking, even those who do manage their finances online still rely on their posted bank statements to check their finances, with 68 per cent of internet bankers preferring to receive banking details through the door. The study also shows that the most common activity of online bankers is for checking balances with 86 per cent using websites to keep track of their spending.

Two thirds (67 per cent) of respondents say it is easier to read and understand details from a statement than a computer screen. It appears the posted statement plays a role more complex than information provision, as less than a quarter of consumers have printed out details of their financial status from the internet.

Other interesting statistics from the research include:
– 77 per cent like to receive details marketing new financial products and services through the post
– When researching new financial services, 15 per cent prefer to receive information through the post – almost as many as seek details from price comparison websites (16 per cent).