Brits are the biggest users of technology in Europe and still want more digital means of managing their money, a new report has found.
In a survey of 18,000 Europeans across nine major European counties, eToro and the Centre for Economics and Business Research found that the UK leads the table in Europe for the nation making the most card payments at approximately £1.1bn.
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Some 60 per cent of Brits want to see the growth of fintech through the expansion of mobile payments, online investing platforms and online banking. This is compared to just 10 per cent who are opposed.
The levels of support are highest among younger adults in the UK, with 63 per cent of 35-54 years old supporting fintech expansion compared to 55 per cent of over 55s.
“We are living in an increasingly digital world and when it comes to managing their money the majority of Brits are embracing the benefits of new technologies that help to make their lives easier,” said Yoni Assia, chief executive of eToro.
“Over the past decade we have become accustomed to organising many aspects of our finances from the comfort of our home or even while we’re on the go.
“The speed of digital transformation means some consumers have adapted more quickly than others and preferences do vary, so it is important that the pace of change does not risk leaving people behind.
“The results of our study show that experience breeds confidence and by making it easier for people to access new technologies with the support in place to help educate them, we are likely to see levels of adoption continue to rise.
“The viability of our digital future relies on our ability to ensure this new world is inclusive, moral and – ultimately – human.”
The UK scored third for usage of online banking with older consumers the most confident using it.
More than six in 10 (62 per cent) over 55s consider themselves very capable of managing their accounts online compared to 52 per cent of 18 to 34-year olds.
By contrast, younger people are more confident using apps to manage their money, with 71 per cent of over 55s reporting they have rarely ever used a mobile payment app compared to just 21 per cent of 18 to 34-year olds.
The research also showed that the more people use digital technologies, the more capable and confident they become, which prompts even more frequent use.
A third of UK adults (32 per cent) said their use of technology increased during the ongoing pandemic.