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Brits save with one provider
08 August 2008
A significant number of British consumers consolidate their financial products with one provider, according to Abbey.
Research by Abbey revealed that 8.7 million people are loyal to one provider in order to keep things simple as changing banking technology has made it harder for consumers to remember a number of passwords and pin numbers, claims Abbey's director of banking.
Steve Shore said: "Many of us now prefer to keep things simple and use one provider that they can trust to provide good value across the board."
According to Abbey, 13 per cent of people have the same PIN number or password for all their accounts which is unadvisable according to Mr Shore as they will be move vulnerable to fraud.
"Those with one password for all their accounts should take care to ensure that this is as secure as possible. PIN numbers should of course should never be written down," he added.
Women are more likely than men to have all their products with one provider, according to the Abbey banking study.
