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... Britons choosing 'money-saving' over online dating Britons choosing 'money-saving' over online dating

24 June 2008

British people are spending far more time checking their bank balances online than meeting new people in cyberspace, according to a new report.

Research conducted by online bank cahoot found that 38 million UK consumers are managing their finances on the internet whether that is at home or at work.

The credit crunch is to blame for people spending more time moving money around and watching every financial transaction in their accounts.

People could be using that time to find their perfect match on an online dating or social networking sight, for example.

But 71 per cent of respondents to the cahoot survey said they had upped their online banking activity in the past year as the credit crunch has taken its toll.

UK consumers are having to battle with the crippling increase in food and fuel prices, which is putting a lot of pressure on their finances.

The study shows that Britons spend three billion hours moving money around on the internet, compared to 2.7 billion hours on social networking sites each year.

Matthew Timms, director at cahoot, said: "While you might be forgiven for thinking that the internet's biggest draw is social networking sites, nowadays it's actually online banking.

"Indeed, the credit crunch is making Britons far more conscious about keeping in control of their finances."