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Worried Brits abandon Facebook for online banking

24 June 2008 / by Daniela Gieseler
The economical crisis has prompted more Brits monitor their finances online, so much so that people spend more time online banking than socialising on network sites, new research from online bank Cahoot found.

The findings show that, in the wake of the credit crunch the British are getting more internet-savvy when managing their finances, with 38 million people using their banks' online banking facilities.

All in all people spend 3 billion hours online banking each year, at an average of 1.5 hours per week – significantly more time than surfing social networking sites like Facebook, Bebo or MySpace, which amounts to 2.7 billion hours annually.

Though hooking up with friends online is undeniably more attractive than money matters, 71 per cent said they had recently increased their internet banking activity because the rising cost of living had forced them to watch their finances more closely.

82 per cent of respondents stated that, apart from being more convenient and less time-consuming, online banking had actually made them better at managing their finances.

Matthew Timms, director at Cahoot, commented on the findings: "While you might be forgiven for thinking that the internet's biggest draw is social networking sites, nowadays it's actually online banking.

He affirmed that this was due to the current economic situation: "Indeed, the credit crunch is making Britons far more conscious about keeping in control of their finances."

"As a result we're flocking to internet banking," he continued, "where we can instantly access and manage our finances at a time and location of our choice as well as pick up some of the best rates on the market."

© Fair Investment Company Ltd