Three quarters (75%) of Brits claim that their day-to-day use of paper for things like letters, postcards, reading and research materials is becoming redundant. Despite this, two-fifths of the nation (42%) still receive paper utility bills and bank statements, according to new research from TSB.
The traditional home computer user versus the customer on-the-go
Three-fifths (58%) of people currently receive e-statements from their bank and say the main benefits are:
- Instant access to up-to-date information (56%)
- Being more environmentally friendly (19%)
- Having the ability to view information on-the-go using mobile devices like smart phones and tablets (15%).
Those aged 25 to 44 years old are the biggest adopters of e-statements with almost two-thirds (63%) opting for paperless statements, compared with 57% of 45 to 54 year olds and 55% of 18 to 24 year olds.
Filing old bills and bank statements highlights generational differences
WANT TO BUILD A FINANCIAL EMPIRE?
Subscribe to the Global Banking & Finance Review Newsletter for FREE Get Access to Exclusive Reports to Save Time & Money
By using this form you agree with the storage and handling of your data by this website. We Will Not Spam, Rent, or Sell Your Information.
Over three quarters of people (78%) say they have folders of old bills and bank statements at home. Interestingly, the research also highlights clear generational differences: with older generations more likely to file away old bills and bank statements than those who are younger;
- Just over four fifths (84%) of those aged 55 and over have folders of old bills and bank statements
- This declines to three quarters (75%) of 45 to 54 year olds
- And then falls again slightly to 72% of 25 to 34 year olds
- Before reaching just two thirds (65%) of 18 to 24 year olds.
Of those that do keep their old bills and bank statements, three-fifths (60%) say they keep them well sorted and organised, this increases to more than two thirds (69%) for people aged 55 and over. One third (35%) say they regularly review their folders, but this falls to only a quarter (24%) amongst 18 to 24 year olds.
Interestingly, one fifth (20%) say that they never look at their folders of old bills and bank statements and one-in-10 (11%) say their folders are all out of date and they would find anything they need online. One-in-10 (10%) also say their folders are overflowing and that, if they needed to, it would take them ages to find anything, something that would be eradicated with adopting e-statements.
Technology pushing paper traditions to the past
For many people, paper was previously routinely used in their everyday lives, however it is now becoming a thing of the past. Almost half (45%) say they used to write letters to people, but don’t anymore. Similarly, nearly one-third (32%) no longer write or send postcards and over one-fifth (22%) no longer keep a paper calendar or address book.
In line with the emergence of a paperless generation, TSB asks its Classic Plus customers to register for paperless statements and correspondence – as well as internet banking and to deposit a minimum of £500 into their account monthly – in order to benefit from 5% AER /4.89% Gross variable credit interest on balances of up to £2,000. And unlike some other banks, people still have the option of managing their account in a way that suits them – in branch, over the phone or online.
TSB also offers internet banking customer’s access to a personal inbox online, where they can access and view their bank correspondence any time they choose. It is a secure and convenient way for people to cut down on their filing and find all the information they need in one central place.
Andy Piggott, Head of Current Accounts at TSB says: “As technology and the need for instant access to information has become more common-place in people’s busy lives, we are seeing the emergence of a paperless generation.
“Our TSB Classic Plus account has been designed to reflect this shift. We ask people to register for paperless statements and correspondence, and in exchange we offer them a bank account that is both rewarding and accessible, without all the funny stuff.”