Record Number Of People Using Internet For Their Personal Finances

• 2.7 million extra internet users since Christmas
• 3.1 million using it to sort out their finances

3.1 million people are using the net for their day to day personal finances and an extra 2.7 million have logged on to the net in total since Christmas, according to a MORI poll commissioned by Screentrade-unions, the Internet insurance service, and Interactive Investor, the leading personal finance site.

The new findings show the full extent of the Internet boom with one in five people in GB (21%/9.5 million) now users of the Internet and over one third of these using the web to organise their personal finances*. This has already shown a massive increase from 15% using the net just six months ago.

The Screentrade-unions/Interactive Investor research shows around a third of people see speed and convenience (33%) as being the main reasons for using the net while fears about security (35%) was the biggest barrier preventing people for logging on to arrange their finances. Interestingly not seeing the benefits was hardly mentioned as a reason why people are not using the net for their finances.

Sarah Moores, Marketing Manager for Screentrade-unions said: "What this research is clearly showing is that the Internet is now becoming firmly established as a tool for arranging your finances. This is because people are seeing clear benefits in terms of saving time and money, particularly since the introduction of free subscriptions from the likes of Barclays and Dixons.

"I am quite concerned to see fears about security are still prevalent bearing in mind putting your details via the Internet is much safer than reading them out over the telephone."

John Blowers, UK Managing Director for the Interactive Investor, said: "Managing money is often something people put off 'until tomorrow'. The Internet is a convenient way of planning your finances at a time to suit you and this is critical to be adequately insured, suitably protected and well invested. This research shows that people are using the Internet increasingly to take control of their future well-being."

Key Findings

• 21% of people questioned currently use the Internet, up from 15% six months ago. 45% of these have access to it at home, 23% at work and 23% both at home and at work.
• 26% use the Internet for getting information about financial products such as insurance or share dealing, 10% use it for personal banking.
• 67% of people using the net do not currently use it for their finances but 72% of them would definitely consider doing so in the near future.
• 33% of people said speed and convenience were the main reasons for using the net for their finances with 26% specifying access to better information.
• Of the people who said they would not use the Internet for arranging their finances 35% said lack of security was the main reason, 23% said they preferred to seek financial advice. Only 3% said they didn't see the benefits.

About Screentrade-unions

Screentrade-unions, the first comparative insurance service on the internet, allows customers access in one go to a range of products from many of the leading insurers in the UK, chosen to make the service competitive across a wide range of risks. Developed to ensure value for money and speed of service, the insurers include: Norwich Union, Royal & Sun Alliance, AXA, Zurich, CGU, Bishopsgate, Folgate, GAN, ITT London & Edinburgh, Norman, Independent.

Screentrade-unions is operated by Misys Interactive Trading Ltd., in co-operation with Shaw Insurance Brokers Ltd. Both are part of Misys Plc, the UK's largest independent computer solutions group. The group has annual sales of 163447m, mainly in the banking and insurance industries.

Typically, it will take customers around 10-15 minutes for motor and household, less for travel, to obtain a list of the most competitive quotes available through Screentrade-unions and select the one that really suits them best, about the same time as a call to one direct provider.

Technical details

Figures in the text are based on percentage calculations of forty five million adults.MORI conducted research among 2,127 respondents among adults aged 15+ across Great Britain between 21-25 May.* Includes getting information about personal banking, getting information about financial products and buying on line.