28 per cent of UK adults do not trust High Street banks, according to research which surveyed 2000 Brits.

This number rises to 38 per cent for 25-34 year olds.

Four in ten – 42 per cent – of those polled by non-fiat banking platform Tally think traditional banks make their money through hidden charges.

A further 51 per cent of respondents say the big banks do not put customers first.

While 33 per cent of those surveyed believe their money is not safe in the current system. For 18-24 year olds, this rises to 48 per cent.

“There’s a disturbing lack of transparency when it comes to the incumbent banking system and it’s understandable why most people have little idea of how they are being used by banks to make money,” said Cameron Parry, founder and chief executive of Tally, said: “People should be able to rely on the money in their bank account to maintain its value over time and stay in their control at all times."

Parry added: “The coming consequences of rampant money printing and near-zero interest paid on savings, together with the uncertain economic outlook, means it's crucial to protect your earnings from being undermined by inflation. And this is where fiat currency banking fails.”

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