Over a quarter of the UK's 15 to 24-year-olds would gladly pay £5 per month to receive a warning 48 hours before they are due to incur extra bank charges for exceeding their overdraft limit, a survey has revealed.
The survey, by NOP Solutions for software specialists MicroStrategy, examined what different people would be prepared to give up in return for greater security, peace of mind or potential savings.
One in four of the UK's 35 to 44-year-olds would allow a billboard advertisement to be placed on top of their house for a 3 per cent reduction in the interest rate on their property loan.
Over half (53 per cent) of the UK's 25 to 44-year-olds would be prepared to pay 5 per cent of their income each month to know that their home, its contents and their family were securely insured, and to be informed immediately if they were not.
There was stronger support for the idea from 15 to 24-year-olds, who were 79 per cent in favour.
Mr Martin Jervis, UK managing director of MicroStrategy, said: "These findings show that the way forward for traditional banks is to recognise and respond to the information they can now gather about individual customers, and then create innovative products and services which truly meet their needs."
