Online banking 'bigger than Facebook'
Britons are turning to online banking sites in the wake of the credit crunch, it has been suggested.New figures from cahoot shows that, collectively, UK residents spend around three billion hours a year checking up on their finances through online banking.This is around 300 million more hours than are spent on social networking websites such as Facebook - and equates to around 1.5 hours per week being spent on banking by every adult in the UK.Around seven in ten people who banked online also said that they were using the service more now than they were 12 months ago. Matthew Timms, director at cahoot, commented: "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. "As a result we're flocking to internet banking, 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."
Share this..
Related stories
Unpaid overtime totals £27.4 billion in 2009
In a reflection of how difficult a year 2009 was for the UK economy, it has been revealed that a massive £27.4 billion was worked in unpaid overtime by UK employees. This equates to a record £5,400 per worker in the UK and is the largest figure since these records began. While many people would expect to "do a little extra" to secure their jobs in these difficult economic times the amount of wor...
Read MoreUK markets take a breather after Royal Bank of Scotland news
As we covered yesterday, the Royal Bank of Scotland is rumoured to be in talks about a potential £4 billion rights issue which will assist the company in reducing its exposure to the UK government asset protection scheme. It would appear that this stark reminder that all is not well in the UK financial sector has caught the attention of UK investors today with the UK market taking a downturn afte...
Read MoreGoldman Sachs fined £17.5 million by FSA
As expected, the Financial Services Authority (FSA) has today revealed a £17.5 million fine for Goldman Sachs in relation to an investigation by the US authorities regarding the company's mortgage-backed securities. It is the initial investigation by the US authorities which caught the eye of the FSA because the company was allegedly warned up to 18 months prior to informing the FSA that it was b...
Read MoreIs It Right To Go After The Oil Companies?
As the likes of BP and Shell continue to announce record profits of billions of pounds there has been a resurgence in calls for windfall taxes for the oil companies. But is it right to hit a sector which is doing well at the moment, but has not always delivered to shareholders, or is it just masking problems with the tax regime in the UK?
It is easy to hit the oil companies when th...
If you don't ask you won't get!
While the UK financial sector has been in meltdown over the last 18 months there are signs of recovery in the property sector, credit cards and the mortgage market. However, even though we are seeing the injection of competition in these particular areas it appears that many UK consumers are still afraid to ask for the best deals. Remember, if you don't ask you won't get!
It is wort...