It has been revealed that a greater number of internet users spend more time using online banking than on social networking sites - demonstrating how broadband can be used to control finances from home.

According to research by Abbey, three billion hours are spent on online banking each year - with 82 per cent of those asked claiming it makes them better at managing their money.

Director of cahoot Matthew Timms explained that the impact of the credit crunch had made Britons more aware of the importance of good financial management.

"As a result we're flocking to internet banking, where we can instantly access and manage our finances at a time and location of our choice," Mr Timms continued.

He added that the internet could be used to find the best deals for services such as savings accounts, as more people use the web to save money.

The news could interest parents looking to help their children control money, as an earlier study by Abbey showed that the average 11 to 15-year-old has £475 in their bank account, with over 75 per cent of children saving for university.

Monday, 30th June 2008

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