Failing to bank online could cost you dear

People who don’t bank online are more likely to face financial trouble than their more internet-savvy peers. That’s according to research by the University of Bristol for investment website Momentum UK which found that those who bank by phone are five times more likely than internet bankers to miss bill payments and nine times more likely to know how much money they have in their account.

While just 3 per cent of people who use a computer to bank had been unable to pay a bill at the final reminder in the last year, for those using the telephone as their main way of  banking this figure rose to 15 per cent.

The analysis also found that while around 5 per cent of those who bank using an app reported ‘often’ or ‘always’ missing minimum repayments on credit cards, loans and other credit agreements, this jumped to 18 per cent among telephone bankers.