Online banking improves personal finance knowledge

Brits believe that online banking makes them more financially aware in general, new research has found.

Almost six in ten people believe they are savvier about their personal finances as a result of online banking. The research, from Nationwide, found that not only is the nation more aware of their own finances, but 23% of people are also more aware of different financial products available to them.

The study found that 80% of people prefer banking online because of the flexibility of being able to bank when they want to.

A further 46% of people prefer going online to avoid potentially long queues at banks.

The most popular time for online banking is in the early evening, with 30% of people preferring to address their financial affairs when they return home from work.

26% of people log on late at night and 29% of people choose to do their online banking during the mid-morning. One in ten use their lunchtime to manage their finances online.

Almost half (48%) of people said they had been banking online for between three and six years, 12% for seven to eight years,12% for nine to 10 years and 6% of people have been banking online for over 14 years.

Richard Searle, Nationwide’s Head of Channel Integration, commented on the study; ìThe research has really highlighted just how important online banking is to helping people keep track of their money.î

During these tough economic times, it could be wise to keep a closer eye on your personal finances. It may also be useful to make the most out of what financial products are available to you.

Recent research from the British Bankers Association found that people are borrowing less and saving more due to a growing fear of debt. If you are considering saving for the future, why not try comparing current accounts and savings accounts with Money Expert?


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