Over 50s favour online banking

Over 50s are increasingly opting to manage their finances on the internet, according to new statistics.

Research by Halifax found that nearly half of people in this age group handle their savings online.

By contrast, just 40 per cent deal with their money by visiting a traditional high street branch of their bank.

Respondents to the survey cited a number of reasons for preferring to manage their financial affairs online.

More than one in three adult savers said it is easier to transfer funds between accounts on the internet, while a quarter stated that they like being able to bank at any time.

Flavia Palacios Umana, head of Halifax Savings products, commented: "Internet banking allows customers to access their money 24 hours a day whenever it suits them, making it easier for people to make the most of their savings."

However, people who are subscribed to online services have been urged to make sure they have a secure password. stated that only 12 per cent of people follow the recommended advice of having a password made up of both upper and lower case characters and numbers.

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