Lloyds: Digital Money Use Is Widespread in the UK, but Confidence Lags

Lloyds Banking Group, which describes itself as the UK's largest digital bank, says in its Consumer Digital Index that Britons increasingly manage money online, but confidence in doing so varies sharply by age and region. The material was published by Politico Europe as sponsored content, so it reflects the bank's own position.

Differences by age and region

According to the index, more than 75% of people aged 18 to 24 have used artificial intelligence (AI) for personal finance in the past year, the highest uptake of any generation. Yet only 64% of digital tool users in that age group feel confident using them, compared with 85% among those aged 65 to 74.

London is described as the UK's AI finance capital: 49% of digitally engaged respondents use AI weekly, and they report the country's highest average savings, £562, after following AI-powered recommendations. Londoners, however, are less confident with digital tools than anyone else. Wales leads on financial engagement and knowledge, while Yorkshire and the Humber leads on digital budgeting. Northern Ireland shows some of the lowest adoption but strong outcomes among those who engage; those findings rest on a small sample of fewer than 100 people.

Recommendations and estimate

Almost nine in ten digital tool users (88%) manage their money online every week. The bank argues the next step is to turn access into results: introduce financial education earlier in schools and workplaces, narrow the trust gap around AI-generated advice, and offer support tailored to local circumstances.

Research commissioned by Lloyds and led by the University of Nottingham estimates that turning digital access into financial confidence could be worth up to £100 billion to the UK economy over the next decade, roughly £3,500 per household. The savings figures are self-reported estimates rather than verified transaction data.