Boom and bust in the Internet industry and constant fears about security have done little to prevent a rise in the numbers of people buying financial products over the Web according to a new Mori poll commissioned by Screentrade, the UK online insurance supermarket. Two million people are now purchasing or arranging their finances online, an increase of 11% from just six months ago.
The research by Screentrade, carried out every six months to chart the changes in Internet use amongst consumers, also shows more than one in seven adults in the UK, (6.3 million people) have used the Internet in the past 12 months to seek information about financial services.
Purchasing car, home or travel insurance is the joint most popular choice alongside credit cards at 11%, followed by current or savings accounts at 10% and dealing in stocks and shares online at 6%, among those that have used the Internet to seek financial information in the past 12 months.
Lack of access or knowledge as the main reason for people not using the Internet for their personal finances fell, from 53% six months ago to 21%. Ease and convenience remains the biggest driver of Internet use for 50% of users followed by accessibility at 10% and the fact that there is no pressure to buy at 7%.