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Being online could save you £744/year

Being online could save you £744/year

Category: Vouchers

Updated: 05/04/2017
First Published: 05/04/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many of us would find it hard to live without the internet these days, but did you know it could help you save huge amounts of money? According to research from Lloyds Bank, it's possible to save an average of £744 every year just by being online, with a growing number of people taking advantage of the money saving measures the internet can offer.

Online voucher culture

The report highlights the benefits of being digitally savvy, and the impact of the growing online voucher culture on people's finances. Half of those who are online use discount codes, cashback sites and voucher websites, with those aged 30-39 leading the way – 59% of this age group said they use these sites to save money, and these savings can quickly ramp up.

Using these kinds of sites alone is enough to save an average of £444 a year, but the benefits don't stop there. It's possible to make fantastic savings when buying products or services online, simply because of the ease of comparisons – 62% of respondents are able to save money on holidays and 57% save on insurance, while a further 54% save money on clothes.

The research went on to reveal that many of those who are "digitally capable" are also more financially organised, with these consumers saving and checking their bank balance nearly twice as often each year, and they manage to squirrel away more than twice as much in a savings account – £83 per month compared with the average of £34.

This could perhaps be due to the growth of online banking, which is encouraging people to get more engaged with their finances. Indeed, 67% of those who bank online said that doing so helped them avoid paying overdraft fees, so having easy access to your transactions could be a great way to prevent disaster from striking.

Communication challenges

However, the survey revealed that 9% of the UK are not yet adopting digital, so the benefits aren't being fully realised by all. In fact, 68% of those who are offline said that nothing could tempt them to go online, despite the significant savings that can be made, and with 73% believing that they won't be able to save money, challenges clearly remain.

"That is why it is so important for everyone to be aware of the online tools available, and to help educate those offline about the benefits they can bring," said Nick Williams of Lloyds Banking Group. "A big benefit to managing your money and spending online is that it puts you in control. With 60% of people now using internet banking, it enables them to move money around quickly 24/7, save frequently in little amounts, and alleviate the worries of money, which has a positive impact on wellbeing.

"One of the many benefits of being online is that people are able to save money. It is clear that by being digitally skilled and confident, there is the opportunity to save hundreds of pounds a year on your spending, whether that is through voucher sites or by shopping around."

What next?

Get involved! Using online vouchers and discount codes can be a great way to save some cash, and if you combine that with cashback sites, you're getting money for nothing. Make sure to go digital with your banking to put yourself in more control of your money – compare the top current accounts to see the kind of facilities they offer, and be on the lookout for added extras (such as switching incentives, cashback offers and additional rewards) that could make it even more worthwhile.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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