Social Media to become essential for personal finances

Aug 26, 2011   //   by sam   //   Banking and Savings Accounts  //  1 Comment

Social media is set to become increasingly useful when trying to manage your bank accounts and other financial products online.

This is the opinion of ‘Bank of Mum & Dad’ presenter, Lawrence Gold, who believes that social networking websites such as Facebook and Twitter will become “very, very important” in shaping the way consumers control personal finance products like their current accounts and credit cards.

Mr Gold explained that these domains have already made managing money on the Internet easier and then went on to insist that this trend is likely to continue in the near future.

He noted that many people now expect to be able to sort their cash out “at their desk or at home” rather than going to the high street.

“I want to move money now – and if you go on the internet you can do that. If you go into the branch, it takes time,” he continued.

Research published earlier this week (24 August) by Cable & Wireless Worldwide showed that online banking is the most important aspect of personal finance to 60 per cent of customers.

This is no surprise as researching and implementing financial options such as student accounts can now often be done by consumers in the comfort of their own home, or even on the move.

This is the view of Justin Modray from online resource Candid Money, who believes that individuals should take the time to weigh up options when it comes to making financial decisions.

Mr Modray explained that the “obvious route” of discussing this type of product with a financial advisor could often prove too costly for many individuals, while some professionals in this field may not be as independent as they claim to be.

“For more straight-forward products such as savings accounts, credit cards and mortgages it’s not too difficult to do your own research,” he noted.

He explained that the internet represents a “great resource” for many monetary matters.

This could help students to find better ways to save money whilst at university studying for their degrees. This is essential with the impending increase in tuition fees, and may lead to lower levels of debt at the end of their time in higher education.

Recently, the Financial Services Consumer Panel (FSCP) revealed that many people in Britain find the process of deciding and signing up for the best personal finance options for themselves both stressful and unrewarding.

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  • Tom

    I love being able to transfer my money around and check my statements online. On several occasions I’ve been in a dreaded situation that many others will no very well – arriving at the checkout with a trolley full of shopping and my card is declined. However, rather than blushing for a few minutes while trying the card again – I simply log into my account from my smartphone, then transfer the cash from my savings account to my current account. I try again and bob’s your uncle, the payment goes through! What a brilliant invention!