Over-45s driving price comparison web boom

The over-45s are driving the boom in price comparison sites such as Kelkoo.co.uk and PriceRunner.co.uk, according to a new report from Birmingham Midshires Life 2 campaign.

The report has found that almost six in ten (59%) regularly use these sites to cut the costs of just about everything they buy.

Over the last five years, the number of price comparison and money saving websites has exploded. A third of the over-45s say that their primary reason for starting to use the Internet was to save money through cheaper online retailing and a staggering three quarters of the over-45s (74%), have turned to price comparison sites to keep household bills down.

The findings come from Birmingham Midshires first Life 2 report. Throughout 2007, Life 2 will examine different aspects of the lives of over-45s and will challenge traditional perceptions of this age group.

The report has also found that savvy mums and dads are also embracing the Internet for impartial advice on financial matters. Aggregator sites such as Moneyfacts.co.uk and Moneysupermarket.com are growing in popularity with 14 per cent of the over-45s consulting these sites before taking out any new financial product. The report also found that one in ten people in the over-45 age group is a regular user of gripe sites such as Reviewcentre.co.uk, claiming that they are essential for finding impartial advice on products and services.

Jason Robinson, director of savings operations at Birmingham Midshires said: "Our Life 2 research shows that the over-45s are clearly switched on in their ability to use the Internet for creating and managing wealth. As an online financial services provider, Birmingham Midshires has long seen an increasing number of mums and dads managing their finances online. The findings show that this age group are far removed from the computer illiterate and technophobe stereotype and could probably teach their children a lot about shopping around for the best deals in both products and services.”