Half of ‘i-generation’ use Web for finances

Online banking has been eagerly adopted by Europe’s internet-aware youngsters, with three-quarters of those aged between 16 and 34 years old accessing their bank accounts online, according to a new study.

Research published by Yahoo! has found that almost half – 46 per cent – of 16- to 34-year-olds use the Web as a source for financial information.

Yahoo!’s “i-generation” study explores the online usage patterns and attitudes of 16- to 34-year-olds in France, Germany, Italy, Spain and the UK. The internet giant points out that this age group is the first generation to grow up with the internet and to have access to personal digital technology.

The research also finds that far from being unconcerned about money, it is an intensely emotional issue for this age group. A Yahoo! spokesman says: “They lead non-linear lives and expect fluidity from all financial products and services – in fact they are the first generation to run their finances completely online.”

The spokesman adds: “The internet plays a major role in the day-to-day lives of the i-generation and especially in the way they manage their finances. The i-generation enjoy online banking because it reflects their lifestyle and attitude. It enables them to feel in control of their finances, to save time and make better use of their money.”

Almost all of those questioned for the research – 96 per cent – would recommend banking online to their friends, with 83 per cent citing ease of use as a reason for banking online and 59 per cent citing 24-hour access.

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