Online banking ‘improves personal finance’

Eight out of ten consumers who regularly use online banking say it makes them better at managing their finances, according to research.

The survey from internet bank cahoot has found that 38 million Britons have used online banking.

People now spend more time conducting their financial affairs online than they spend on internet social networking sites, the study suggests.

Matthew Timms, cahoot’s managing director, said the credit crunch is making Britons take greater control of their finances.

He commented: “We’re flocking to internet banking, where we can instantly access and manage our finances at a time and location of our choice as well as pick up some of the best rates on the market.”

Last week, separate research suggested that one in five British men believes he is “careful” with his money.

In the survey, commissioned by Scottish Widows, more men said they identified with thrifty businessman Ian Beale from EastEnders than with any other soap character.

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Kids earn millions from odd jobs

Odd jobs done by kids are making them a staggering £700 million a year, new figures claim.

Chores, errands and favours are proving a boom area for young people, with one in four 11 to 18-year-olds benefiting from payment for helping out.

The survey has been carried out by Abbey Banking, and while it was found that more girls are in on the act than boys (30 per cent compared to 24 per cent), boys are making more out of it on average.

As in the wider world of work, boys seem to be at a distinct advantage, earning £55 per month compared to girls’ £38.

Head of Abbey Banking Steve Shore said: “The research shows that British kids are making the most of earning opportunities like New Year’s Eve and as a result, the ‘odd job’ economy is thriving.

“As well as giving kids a boost to their pocket money, this is a great way for parents to show their children the value of money and teach valuable financial lessons.”

Babysitting was by a long stretch the most common form of paid work, with car washing in a distant second place.

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Children lost millions through misbehaviour

Misbehaving boys and girls missed out on millions of pounds in pocket money this year, according to research from Abbey Banking.

Over 40 per cent of Britain’s 11 to 15-year-olds had their pocket money docked at some point during 2007.

The research showed that parents took £40 million worth of their children’s pocket money.

Steve Shore, head of banking at Abbey, said: “Parents have long since wielded pocket money as a powerful weapon with which to influence their children’s conduct.

“Being on their best behaviour can clearly pay real financial dividends for Britain’s money motivated minors.”

According to the findings, Britain’s naughtiest children can be found in the north where 45 per cent aged between 11 and 15 had their pocket money stopped during the year.

The best behaved children could be found in the midlands where only one in three had their money stopped.

More research from Abbey Banking revealed that two thirds of people have a bar strategy when drinking with friends.

Almost a quarter of British drinkers confess to buying early in order to maximise financial returns from friends.

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