Online banking helps people control finances

Online banking is making people more aware of the best credit card deals and increasingly finance savvy, it has been revealed.

New research by Nationwide showed that nearly six in ten people think they are more aware of their money as a result of using online banking, while a third claimed to have a better grasp of their household's finances.

Over eight in ten people choose to bank online for the convenience and flexibility, with 46 per cent claiming they do it to avoid the queues at their local branch.

"The research has really highlighted just how important online banking is to helping people keep track of their money," said Nationwide's head of channel integration, Richard Searle.

He added that the technology has gained even more importance as household finances are squeezed.

However, people could be saving more, as a new poll by LV revealed that people in the UK are spending more than £149 billion on what they consider to be "lifestyle essentials".

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2011-10-25 17:11:18 © Moneyextra.com