A significant majority of people want to use online tools to make informed personal finance decisions, according to the initial results of the recent personal finance survey by Money Dashboard. In line with the growing opinion that the credit crunch has made people more focussed on their own financial choices, 62% of respondents said that they would use a personal finance software product that helped them to make better decisions with their money.
These positive findings come against a backdrop for many of financial uncertainty, and underpin the need for outstanding innovation in creating decision making tools accessible for the public.
Of the 1,800 initial respondents from this ongoing survey, 64% were woman within the age brackets associated with raising a family. 70% of the total respondents were shopping online at least once a month, with an identical number also using internet banking. An astonishing 16% of online bankers were using the site daily which is symptomatic of money worries and checking that enough money is in place to pay bills.
43% of respondents believed that their financial futures were less than rosy, saying that they will struggle financially when they retire, with 23% answering the same question saying they are not sure what my situation will be like.
Commenting on the results of the survey, George Hall, Money Dashboard's Marketing Director, said It is clear that online banking has become such a regular part of a consumer's financial life. Given that everyone is now looking for ways to save money more effectively, and make improved financial decisions, it is vital that personal finance providers like Money Dashboard continue to harness the stickiness of internet banking, with the ability to convey useful savings tips, improve financial admin skills and provide simple wizards to help people to deal with real money issues. I am delighted that more than 22% of the respondents volunteered to be a part of our product Beta Test.