More than half of UK consumers prefer to do their banking online to avoid discussing their money matters openly, according to new research.

A survey by Lloyds TSB found that a quarter of Britons are too embarrassed to talk about their finances over the phone or face to face and 45 per cent say they opt for internet banking for the privacy.

Two-fifths of customers said that they would feel more comfortable applying for a loan online rather than speaking to someone in person and nearly 40 per cent said they would be more likely to apply for an overdraft online.

"Internet banking has become increasingly popular in recent years, not just because it's convenient, but because it gives people privacy when it comes to managing their money," said Anita Hockin from Lloyds TSB.

"Despite all the benefits of online banking, it's important that people don't end up burying their heads in the sand. Sometimes it can be worth picking up the phone or calling into a branch to talk through more complex matters especially if you have any particular worries."

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