Banking online 'preferred over social networking'

Using the internet to keep up with finances is a more popular pursuit than staying in touch old friends through social networking, according to new research.

A study from online bank cahoot cited by Abbey shows that people in Britain spend more than three billion hours per year switching money between accounts on the internet.

This can be compared to the 2.7 billion hours Britons spend online annually on websites such as MySpace and Facebook, the company added.

Matthew Timms, cahoot director, remarked that online banking is currently the biggest draw of the internet.

He said: "We're flocking to internet banking, where we can instantly access and manage our finances at a time and location of our choice as well as pick up some of the best rates on the market."

This comes as comScore figures have revealed that Facebook has now overtaken MySpace as the internet's most popular social networking site.

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