Online banking key to money management for over-45s

Research from Birmingham Midshires Life2 campaign shows that 61 per cent of those over 45 use internet banking. For 43 per cent of those polled, free online banking is a crucial part of money management. Some 38 per cent say that having instant access to their finances online has affected how they manage their money and how they use and view the internet. The ability to carry out financial transactions online from home is integral to the money management strategies of 47 per cent of respondents.

This group is also leading the way in the use of price comparison sites, with 59 per cent of respondents using these regularly. One third of over 45s say they started using the internet to save money on online shopping and 74 per cent have used price comparison sites to save on household bills.

Financial aggregator sites are becoming an important source of impartial advice, with 14 per cent of over-45s consulting these before taking a new financial product.  Seventeen per cent of men and 11 per cent of women regularly visit these sites, and 16 per cent of over-45s say that these sites have changed the way they manage their money.

Ten per cent of over-45s also use the e-gripe sites such as Reviewcentre to find impartial advice on products and services. Women are slightly more prone to e-gripe than men and those in the Northwest are most likely to e-gripe, with 15 per cent of people there using those sites.

Jason Robinson, director of savings operations at Birmingham Midshires said: ‘Our Life 2 research shows that the over-45s are clearly switched on in their ability to use the Internet for creating and managing wealth. The findings show that this age group are far removed from the computer illiterate and technophobe stereotype and could probably teach their children a lot about shopping around for the best deals in both products and services.’