3 minute read

Lloyds Bank launches its 2017 Lloyds Bank Consumer Digital Index.

This week, in association with our partners Doteveryone and Toynbee Hall, Lloyds Bank published the second Consumer Digital index, which measures financial and capability amongst adults across the UK. As well as revealing the detail behind how people can benefit from having greater digital and financial skills and a range of data from different regions, this year’s Index includes brand new industry leading research into people without a bank account.

As ever, the Index highlights the correlation between levels of digital skills and benefits to customers. It shows in detail the attitudes of different demographics towards going online and how people around the country are saving money by doing so. All of which highlights how the work of the 24,000 Lloyds Banking Group Digital Champions is more important than ever and how the work they do is so central to the Group’s strategy of Helping Britain Prosper.

The Basic Digital Skills measure, designed by Doteveryone to understand the level of digital skills amongst UK adults, shows that within 12 months, 1.1 million people gained Basic Digital Skills, which is an encouraging improvement. However, 11.5 million people in the UK are still not making the most out of the internet, such as creating content or shopping online. Age is also a determining factor here, with only 49% of those aged 65+ having Basic Digital Skills, compared to 97% of 15 to 24 year olds.

The index also shows how people are benefiting from cashback and discount sites to save money. Half of those that are online use discount, cashback and voucher websites, but it is the younger generations seeing the most benefit. Those aged 30-39 lead the way, with just under three in five (59%) using these sites to save money.

The research suggests digitally capable people have a greater ability to deal with a change in financial circumstances, save money, and make money go further. Around 85% of the UK population is highly digitally capable, equating to around 42 million people. On average, they save nearly twice as often each year, save more than twice as much, and check their balance more than twice as often.

Graphic 1 - £444 - The average amount people can save per year by using discount and cashback websites alone | Graphic 2 - Within a year 1.1 million more people have gainedBasic Digital Skills

According to Nick Williams, Managing Director, Consumer and Commercial Digital at Lloyds Banking Group, things are moving in the right direction, but a focused intervention is now needed:

“We know that 77% of people who are offline are unaware of where to go for digital skills support. Organisations across public and private sectors must focus on one-to-one interactions. Offline customers are harder to reach but they do show up in the community and this is where trusted faces in local places can really help. That’s why we have committed, as part of our Helping Britain Prosper Plan, to provide face-to-face digital skills training (including online banking) for 2.5 million individuals, small businesses and charities by 2020.”

For more information, please;

Download the 2017 Lloyds Bank Consumer Digital Index

Read the Press Release

Follow @LBGDigi on Twitter

“The report shows both the magnitude of what we’ve achieved so far and the significant challenges we still face in helping people get online.   As before, we can see the real impact digital skills have on people’s financial wellbeing: put plainly, those who are highly digitally capable save more money, more often than those without the skills to use the internet.”
Baroness Martha Lane Fox, Founder and Executive Chair, Doteveryone

“The Consumer Digital Index highlights many of the issues our new strategy aims to address, and Government will be working even more closely with individuals and organisations to make sure the benefits and opportunities of digital are spread across the country and throughout society.”
The RT Hon Karen Bradley MP, Secretary of State for Culture, Media and Sport

“We are delighted to see Lloyds Banking Group’s commitment to Basic Digital Skills and also to the challenges and opportunities of helping people make the most of being online.”
Karen Price, CEO, Tech Partnership

 

Shared’s Links