Student Finance Report:
Students lead a mobile and online banking revolution
- 78% of full time students are most likely to check their finances online or via mobile banking
- Only 7% say that they visit their bank on a regular basis
- 10% of students admit to writing down how much they spend each day to make ends meet
While 76% of full-time students aged between 18 and 24 now check their finances via the internet, telephone or mobile banking, this is two percentage points lower than the average student, with students aged between 25 and 34 being the most likely to check their finances through these channels.
Traditional methods of banking have seen a decline amongst the student population, with only 7% visiting their bank on a regular basis to help monitor their money. However, with nearly half (47%) of full time students worried about the level of debt they are taking on due to their present degree, 10% of students admit to writing down the amount of money spent every day to help them make ends meet, rising from 8% in 2010/11.
For Lloyds Bank alone, 93% of all students are signed up to internet banking and login on average 99 times a year.
Claire Garrod, Head of current accounts for Lloyds Bank said:
“Recent analysis shows us that 33% of online customers have accessed their accounts between midnight and 6am in the last three months, while 34% of online customers have accessed their accounts via 3G networks in the last three months.
Student current accounts are in place to help ease the financial burden of university and make banking more convenient for them. With the recent launch of our new banking app, we are continuing to make banking easier for students to enable them to bank where they want and how they want throughout their time at University.”
