The internet has perhaps had more influence on modern culture than anything else. It has shaped the way the entire world interacts and communicates with each other and it enables a far greater level of autonomy, as people no longer have to rely on ‘specialists' to take care of their personal business.

Whilst once upon a time it was the norm to use a travel agent to organise a holiday, the consumer now has far greater control over proceedings and they can research, reserve and purchase their trip in its entirety, from the comfort of their own living room.

Similarly, online banking has changed the way people manage their money. No longer do people have to queue in their lunch-hour to transfer money or access their savings, as they now have 24-hour access to their money and can more or less do most of their banking from home. And it's probably fair to say that this can only be a good thing.

However, the internet has traditionally been the playground for the younger generation. The ‘networked generation' of young adults are spending an increasing amount of time online, and is where they fulfil much of their daily leisure and information needs.

The younger generations have generally always been a lot quicker on the uptake of new technologies, but it is usually only a matter of time before mum and dad jump on the bandwagon too, as they eventually realise what they're missing out on.

Whilst some statistics show that the 24-35 age range are the most likely to do their banking online, the biggest growth in recent years has actually been with ‘silver surfers', otherwise known as ‘those over the age of 55'. And of course, it really does make sense that the older generation are now choosing to open internet saving accounts at a faster rate than those more than half their age.

Generally speaking, the older generations not only have more money at their disposal, but they are also more likely to want to save it. Furthermore, the internet is so ubiquitous now in all walks of life that it is virtually impossible to avoid, with most shops, banks and other organizations having a significant online presence.

Perhaps more importantly, most banks now offer preferential interest rates for online savings accounts, due in part to the amount of resources the banks save when customers manage their own financial affairs.

So, not only is it easier to manage a savings account online, but they can often be a far more profitable means of building that nest-egg. And for silver surfers across the country, that's all the news they need to hear!

Disclaimer:
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

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