80% of net surfers research financial services online

19 June 2007
A survey by the Council of Mortgage Lenders (CML) has found that 80% of people that use the internet via a broadband connection research financial products and services online.

Unsurprisingly, young people are the prime users of the internet for sourcing financial services, with 85% of those aged 18 to 25 saying they have searched for them on the web.

But older generations are not far behind, with more than 75% of those aged between 46 and 60 saying they also implement the web for their financial products, according to a survey of 650 Equifax Personal Solutions customers.

Despite the high number of people who use the internet for research, fewer are willing to actually buy financial services online – only 42% - because they are wary of disclosing their details, but 90% want to be able to purchase them online.

45% had used the internet to search for loans, but the most popular services sought on the web were credit cards and insurance at 61% each.

A massive 87% of those surveyed said they use online banking services, but security issues gave concern to 73% of the respondents.

James Caldwell, director of independent online financial services website Fair Investment Company, said. “People like the convenience of searching, comparing and buying financial services online from the comfort of their own home.”

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