You are here: Home - Saving & Banking - News -

Banking online more popular than social networking

Written by:

The credit crunch is turning Britain into a nation of money-surfing experts according to online bank cahoot.

Its findings show that 38 million Brits have managed their finances online, either at home or at work.

Interestingly, 71% of these money-surfing experts said they had increased their online banking activity in the last 12 months as the credit crunch, as well as increasing food and fuel prices has put greater pressure on them to manage their finances more closely.

So much so, that Britain is currently spending a colossal three billon hours annually moving money around on the Internet, at an average of 1.5 hours per week.

Surprisingly, this is now significantly more time than is spent on social networking sites, which accounts for 2.7 billion hours online each year.

Banking online is not just about convenience and saving time. Around 82% of regular online bankers say that internet banking makes them better at managing their finances.

Matthew Timms, director at cahoot, said: “While you might be forgiven for thinking that the Internet’s biggest draw is social networking sites, nowadays it’s actually online banking. Indeed, the credit crunch is making Britons far more conscious about keeping in control of their finances.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Pre-payment customers losing out on energy savings

Research by Moneysupermarket shows that pre-payment energy customers could be losing out on as much as £769m worth of savings.