Lack Of Access May Be Hampering Growth In People Using Internet For Their Personal Finances

• Approximately 15,000 extra people per week using Net to arrange their finances
• But 53% of people say lack of access to the Internet or not knowing how to use it are the main reasons why they don't use the Internet for their personal finances

As a wave of financial services providers launch onto the Net a new MORI poll commissioned by Interactive Investor and Screentrade, shows that since April an extra 15,000 people a week approximately have been using the Net to arrange their finances. In total, approximately 1.8 million people say they have used the Internet for banking or buying financial products.

However the new findings show that the on-line revolution could be stalled by a lack of access to the Net and training in how to use it and this is not confined to the older generation. Of those who have not used the Internet for banking or buying financial products, 53% said the main reasons for this are that they wouldn't know how to use the Net, or don't have access to it.

51% of 25-34 year olds say lack of access to the Net or not knowing how to use it are the main reasons why they don't use the Internet for their personal finances, compared to 38% among 15-24 year olds, and 37% among 35-44s.

The Screentrade/Interactive Investor research also reveals a definite North-South divide in Internet usage, with the North and Scotland seemingly in danger of being left behind by advances in the Internet. 32% of people in the South* say they currently use the Internet, compared to 23% in both the North* and the Midlands*, and 22% in Scotland*.

Mark Ransford, Marketing Manager for Screentrade said: "Everyone knows that the Internet has reached boomtime and while it's clear that huge numbers of people are really seeing the benefits of the Internet to arranging their finances its important that we don't carried away and make sure that a significant section of the population are not left behind."

Key Findings

• 26% of people questioned say they currently use the Internet, compared to 21% when people were previously questioned in May of this year. 20% of people now say they are connected to the Internet at home, compared to a figure of 14% in May.
• Of the c.1.8 million people who say they have used the Internet for banking or buying financial products:-
• 70% of this group say they have used the Internet for conducting their personal banking; 18% say they have used the Internet for investing in the stockmarket, and 9% say they have used the Net for taking out a mortgage
• 62% said ease/convenience and speed were the main reasons for using the Net to conduct their personal finances; 8% said no pressure to buy was their main reason
• Among all those people who do not use the Internet for arranging their finances, 53% said the main reasons for this are that they wouldn't know how to use the Net, or don't have access to it
• 10% said that the main reason why they don't use the Internet for their personal finances is a concern about the lack of security, with 4% saying that they prefer to seek advice before buying a financial product

Technical details

MORI interviewed a representative sample of 2015 people aged 15 or over across Great Britain between 8th and 12th October 1999

Figures in the text referring to numbers of people are based on percentage calculations of forty five million adults (the GB adult population is approximately 45 million)

* the "North", "South", "Midlands" and "Scotland" regions are comprised of the following TV regions:-

• "Scotland" = Border/Grampian/Scottish TV regions
• "South" = London/Meridian/West Country TV regions
• "Midlands" = Central/Anglia/Harlech or HTV TV regions
• "North" = Tyne Tees/Yorkshire/Granada TV regions