The latest Lloyds Bank UK Consumer Digital Index shows the benefits of being digitally savvy, with people saving hundreds of pounds a year by using online discounts, cashback and vouchers codes.
The 2016 Index showed that people could save an average of £744 per year by being online. The 2017 Index now focuses on how people can benefit from cashback and discount sites to save money. Interestingly only half of those that are online use discounts, cashback and voucher websites and the majority of those are the younger generations.
Those aged 30-39 lead the way, with just under three in five (59%) using these sites to save money. The research suggests digitally capable people have a greater ability to deal with a change in financial circumstances, save money, and make money go further. Around 85% of the UK population is highly digitally capable, equating to around 42 million people. On average, they save nearly twice as often each year, save more than twice as much and also check their balance more than twice as often.
Along with the voucher websites, people continue to make savings when buying products or services online. Nearly two-thirds (62%) save money on holidays and over half save on clothes (54%). Holidays are the most popular saving and interestingly the Index shows that this is regardless of income. For example, over half (53%) of those with a household income of less than £20,000 a year are saving money on holidays.
For this type of saving, there is no difference between households with higher and lower incomes, nor is there any regional variation. This suggests all demographic groups are able to access the same discount opportunities.
With 9% of the UK not yet adopting digital, the clear benefits of being online are not being realised by all.
Despite the significant savings that can be made, 68% of those that are ‘offline’ say nothing will tempt them to go online.
Find out if we can help you to save money on your Mortgage or Insurance.
Give Bluebell a call today 01473 213312
