Hours of screentime, connectivity, financial oversight and anxiety – HSBC UK dissects phone usage in the UK

Apps that provide connectivity and oversight of our finances are the must-haves on our mobile phones, with finance ranking more highly than entertainment, shopping apps and food delivery, according to new data from HSBC UK.

With the bank’s relaunched mobile banking app hitting one million users, providing personal customers with a complete redesign and new functionality built around their most important banking needs, the research of over 2,000 UK adults by YouGov showed:

• One in five (22%) of 18-24 year olds spend 7 hours or more a day on their phone. Overall, three in ten (29%) spend more than 4 hours a day on their mobile phone.
• Six in ten (59%) of people check their phone within 15 minutes of waking, with one in five (20%) checking their phone immediately.
• Two thirds (64%) of people have suffered anxiety when leaving home without their phone, with eight in ten (79%) of 18-24 years olds having felt anxious if they don’t have their phone with them while outside the home.
• 44% of people either are trying or have tried to reduce their screen time with only one in five (20%) being successful. One in three (34%) people have never considered it.
• One in eleven people (9%) have over 100 apps downloaded onto their phone, while just over half have 50 apps or less.
• 45% of 18-24 year olds prefer to use their phone to pay for purchases in person, with three in ten people (28%) overall preferring phone payments.
• Facial recognition is the favoured way for females to unlock their phone, with one third (34%) choosing that method (vs 27% of males). Males prefer unlocking their phone using their fingerprint, with one in three (32%) choosing that method (vs 23% of females).

In terms of banking or finance apps, daily engagement is high, with almost four in ten (38%) checking app at least once a day, with an additional 45% checking their account at least once a week.

• In total over eight in ten people (83%) check their banking or finance app on a weekly basis.
• Men are keeping a closer eye on their finances and more likely to check their bank or finance app multiple times a day, while slightly more females check on a weekly basis.
• 25-34 year olds show the greatest financial oversight with almost half (46%) checking a banking or finance app at least once a day, significantly more than the 36% of 18-24 year olds who check multiples times a day’.
• More people in the North East check their banking or finance app most regularly than any other region, with almost nine in ten (88%) people checking on their money on their phone at least once a week. Conversely, those in the North West check least regularly with 78% of people checking on their money through their phone at least once a week.

The most popular apps people would download if their phone had limited space show that connectivity is key, followed by banking, navigation and music. WhatsApp to be the most popular by far, with other apps that provide connectivity seen as essential, with banking included in 4th place, enabling people to keep an eye on the more practical side of life alongside staying connected to friends and family.

Favourite apps that would be downloaded if there was limited space on a mobile phone*:

1. WhatsApp
2. Facebook
3. Instagram
4. Banking
5. Google Maps
6. Email
7. Spotify

George Charalambous, Head of Digital at HSBC UK, said: “Our phones are an integral part of our everyday lives. We have a lot of our lives on our mobile phones and we tend to keep them close to us every waking hour and even when we are asleep. It is not a surprise that many people are emotionally attached to them, checking them immediately when we wake up and feeling anxious if we don’t have them with us.

“Our mobiles can provide everything from immediate access to family and friends, our favourite tv programmes or even our favourite food in minutes. While there are countless things our phones can do, it is reassuring that the vast majority of us are using them to keep a close eye on our finances, with many of us checking our money apps at least once a day. It is also reassuring to see that people still value their banking or finance app very highly and is seen as one of the most important apps to have on our phones. As a bank, making sure the app provides our customers with a great experience is essential.”

Alice Beer, Consumer Expert, said: “People are increasingly trying to manage their phone use from mindless scrolling to taking control of and organising their lives. Getting to know the different things your banking app can do, like predicting how much money you’ll have at the end of the month, can help you stay on top of your finances, which is really important not just for your financial wellbeing but for your mental health too.”

George Charalambous added: “HSBC UK customers have logged onto our mobile banking app almost 1.7 billion times in the last year and it is an integral way our customers bank with us, enabling them to keep track of their finances and move money easily.

“Feedback we have received from early users of the new design is extremely positive. Customers can see the features more clearly, use fewer clicks to do what they want and early indications are that customers can do everything they need in less time than they used with the old design.

“Our UK customers are the first to benefit from the newly redesigned app, providing a better look and feel alongside better navigation, and in the coming months there will be much greater functionality to provide our customers with an even greater experience.”

Key features of the redesigned app include:

• Better look and feel – the app’s new look, new feel and new features are built entirely around customers’ most important banking needs.
• Better navigation – customers can move between products and services by swiping left or right, and our new hubs make it easier to carry out all related tasks on the same page.
• Better support – with enhanced mobile chat on every page and the ability for customers to use their voice to ask a question.
• Better security – customers will now be able to hide the balances on their screen so shoulder-surfers won’t be able to view how much is in your accounts
• Better experience – customers can now personalise their home page, making sure they have their most-used features at their fingertips.
• Better functionality coming – with features like Open Banking giving the ability to see balances and transact on accounts with other providers, more detailed and accurate financial forecasting, more Wealth options including buying and selling shares directly from the app, and scam information, warnings and updates helping keep customers protected

The top 10 things customers who have had early access to the new redesigned app do:

1. Pay a person
2. Transfer money to themselves
3. Balance forecast (how much you have left after all regular bills are paid)
4. View transaction details
5. View statements
6. Add a new payee
7. Pay a company
8. View a Push Notifcation
9. View documents - formal communications about accounts and the bank’s services
10. View credit card instalment plan

Media Enquiries:

Email: UKPressOffice@hsbc.co.uk