The Lloyds Bank Consumer Digital Index 2016 has revealed that there are potential annual saving opportunities for UK consumers of at least £3.7bn if the unbanked and digitally excluded were to fully realize the online savings potential unlocked through greater digital engagement. The Index, created in partnership with Accenture, Lloyds Banking Group, Toynbee Hall and Go ON UK, analyzes consumer trends in digital and financial capability and seeks to understand the links between the two from a UK-wide perspective.
This analysis, which considers the behavioral data of one million consumers from a UK representative population, also reveals:
Highly digitally capable consumers are also typically more financially resilient, making savings deposits of four times more value a month than less digital counterparts.
Eighty-six percent of people who manage their money online report they “worry less” because they can track their finances.
Digitally capable consumers also enjoy a digital dividend—70 percent say the Internet helps them save money and report an average annual saving of £744 on their spending due to digital discounts.
The Index findings point to the need for digital and financial institutions to use online money saving as a universal call to action. Digital is a key opportunity for people with low financial skills and the financially excluded, to help manage and save money.
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