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Brits displaying banking loyalty

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Written by:
06/08/2008

One in five Brits have consolidated their financial products with one provider, according to research from Abbey Banking.

The average Briton has relationships with three separate financial providers at any one time and is required to remember on average at least three different passwords and PIN numbers, according to the study.

But it seems that a growing number of us want to keep our finances simple. In addition to those that have already consolidated their products with one provider, a further 18% of Brits, 8.3 million people, would consider doing so. They said that they would rather have all their products with one provider to make managing their finances less complicated.

Around six million people now use only one PIN number or password for all their accounts and more women than men have all their products with one provider – 21% of women, compared with 17% of men.

Steve Shore, Abbey director of banking, said: “As banking technology evolves and people have to remember more passwords and PINs, many of us now prefer to keep things simple and use one provider that they can trust to provide good value across the board.

“It’s worth noting though, that those with one password for all their accounts should take care to ensure that this is as secure as possible, using a combination of letters and numbers wherever feasible. PIN numbers should be shielded and of course should never be written down.”

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