40 percent of Brits would put up with adverts on their mobile phones if it meant they could access content for free, says KPMG.

According to the professional services company, 60 percent of web users were also happy to watch adverts in return for free content such as music and videos. Only 16 percent said they would rather fork out for music and videos if it meant they didn't have to see advertising.

"This willingness to view adverts in exchange for free content is good news for advertisers and is perhaps a pointer in the ongoing debate over whether advertising or subscription is the right revenue model," said Tudor Aw, partner at KPMG.

The research also revealed that 34 percent had purchased music on their phones in the past year. However, banking on mobile phones has not taken off with 67 percent saying security issues stopped them using their handset for financial transactions.