The young and the wealthy are more likely to use the Internet to research investment products than other consumer groups, according to market analyst firm Datamonitor.
Results of a new study show almost 12% of those aged between 18 and 34 years old who had investigated investments, used the Internet to research these products. In turn, 6.8% of 35-54 year olds investigated online, while only one per cent of those aged over 55 years preferred the Internet as a research tool over alternative sources of information.
Similarly, those households earning over £40,000 had a greater propensity to research investment products on the Internet, with 17.6% using it as a medium. This figure compared to 16.7% of households in the same earnings bracket who chose to use the phone to source investment product information.
The results form part of a wider analysis conducted by Datmonitor which investigates how British consumers handle their finances. The report, "UK Savings & Investments 2001," reveals the majority of household savings are held in deposit accounts, despite share ownership increasing between 1995 and 2000. In 2000, the average UK household had £5,356 saved or invested. This is an increase of £1,820 since 1995 and equates to an average increase of 8.7 per cent per annum between 1995 and 2000.
Datamonitor forecasts that the total savings and investments market in 2006 will be £1993.1 billion - an increase of £596.4 million from £1396.7 billion in 2002 and equating to an average annual increase of 6.1% between 2000 and 2006.