Managing money online: new research reveals this may not be as effective as we think

New report into online and paper banking published

The Keep Me Posted campaign, supported by The Money Charity, has today published its report into whether online banking really does help you stay on top of your money.

Based on research from London Economics, the study found that most people thought online banking helped them keep tabs on their finances – but that, when it came to it, they were more able to understand the information, act on it, and make sound financial decisions if the information was on paper.

Across a range of tasks, including identifying the amount of money in an account and assessing whether a certain payment could be covered, participants did better with paper statements than online.

Being able to keep on top of your daily finances is crucial for financial capability, and this research suggests that combining the ease of digital products with more traditional paper statements might help you with a more thorough monthly review of your finances.

You can read the executive summary here, and the full report here – or get our top 10 tips for managing your money.

Read the full press release here.

Keep Me Posted is a coalition of representatives from charities, interest groups and business that campaigns for consumers’ right to choose how they receive bank statements and other important information.