Over 45s fueling boom in online comparison shopping

A new report out from the Birmingham Midshires Life 2 campaign reveals that the over-45s are driving the boom in price comparison sites such as Kelkoo.co.uk and PriceRunner.co.uk.

The report has found that 59% regularly use these sites to cut the costs of just about everything they buy. Over the last five years, the number of price comparison and money saving websites has exploded.

A third of the over-45s say that their primary reason for starting to use the Internet was to save money through cheaper online retailing. And a staggering 74% of over-45s have turned to price comparison sites to keep household bills down.

Slightly more men than women pointed to price comparison sites as their reason for going online (36% vs. 32%). Those in the North West are most likely to have joined the World Wide Web in order to visit these sites (42%) while those in Northern Ireland are least likely to have visited these sites (15%)

Men are significantly more likely to visit aggregator sites such as Moneyfacts.co.uk (17% compared to 11% women). Those in the Border region are most likely to visit these sites (46%) whilst the over-45s in Wales are least likely to shop around for their finances online (7%). 16% of this age group say that aggregator sites have changed the way they manage their finances.

61% of those aged over 45 use Internet banking and free online banking . And for 43% it is crucial to money management.

Meanwhile, 38% say that instant access to their finances online has had the biggest impact on how they manage their money, and, more importantly, how they use and view the Internet. And almost half (47%) find the ability to carry out financial transactions online from home integral to how they manage their money.

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