Number of online bank accounts in the UK 2017, by age group

This statistic illustrates the estimated number of E-Money alternative accounts in the United Kingdom (UK) as of October 2017, by age group. In a survey conducted by the Financial Conduct Authority (FCA) in October 2017 it was calculated that approximately 700 thousand adults within the UK held an E-Money alternative account.

E-Money accounts are an alternative to a traditional bank account. The main benefits usually associated to E-Money accounts are the speed and security of money transfers globally as well as ease of use through online or mobile applications.

Of the 700 thousand UK adults with an E-Money alternative account, the most likely age group to own such a product were those aged between 25 and 34, amounting to approximately 161 thousand individuals. By contrast, approximately 14 thousand E-Money accounts were registered to adults aged over 75 as of October 2017.

Number of E-Money alternative account holders in the United Kingdom (UK) as of October 2017, by age group

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Sources

Release date

June 2018

Region

United Kingdom

Survey time period

October 2017

Number of respondents

12,865 respondents

Age group

18 years and older

Special properties

Face to face and online interviews

Method of interview

Face-to-face interview

Supplementary notes

Total number of UK adults with a current account equals 700 thousand.
Figures have been rounded.
Figures have been calculated from the FCAs findings from their financial lives survey

The European Central Bank (ECB) defines E-Money as "Electronic money (e-money) is broadly defined as an electronic store of monetary value on a technical device that may be widely used for making payments to entities other than the e-money issuer. The device acts as a prepaid bearer instrument which does not necessarily involve bank accounts in transactions."

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