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Pew: 51 Percent of U.S. Adults Bank Online

by Ken Anderson | Aug 09, 2013
According to Pew Internet, 51 percent of U.S. adults, or 61 percent of internet users, bank online. Additionally, 32 percent of U.S. adults, or 35 percent of cell phone owners, bank using their mobile phones.

According to Pew Internet, 51 percent of U.S. adults, or 61 percent of internet users, bank online. Additionally, 32 percent of U.S. adults, or 35 percent of cell phone owners, bank using their mobile phones.

The study finds that both types of digital banking are on the rise. In 2010, 46 percent of U.S. adults, or 58 percent of internet users, said they bank online. In 2011, 18 percent of cell phone owners said they have used their phone to check their balance or transact business with a bank.

It’s worth noting that 85 percent of U.S. adults say they use the internet, but someone’s likelihood to have access declines with age. Young adults (ages 18-29) and whites report the most significant increases for online banking.

In 2010, 55 percent of 18-29 year-olds said they banked online; in 2013, 66 percent of that group did so. Forty-seven percent of whites, in 2010, said they banked online; in 2013, 54 percent of that group did so.

Younger adults are also leading the mobile banking trend. However, in contrast with online banking trends, non-white cell phone owners are more likely than whites to engage in mobile banking.

A full copy of the report is available on the Pew Internet’s web site.