Personal Finance: 7 in every 10 searches on the web pertain to borrowing
Consumers going online to look up personal finance products in October searched mostly for loans, mortgages and credit cards, reveals analysis of the latest search data from Greenlight.
In fact, the agency's " Retail Banking - Issue 18" report shows quarter-on-quarter search volumes pertaining to borrowing rose 6 per cent from 2.4 million in July to over 2.5 million last month.
In contrast, queries pertaining to savings & investment declined 18 per cent over the same period.
Little wonder. According to recent news reports, borrowing costs are at a record low. In September, British lenders approved the most mortgages in over five years, rates on personal loans have dipped below 5 per cent a year while the number of short-term interest-free credit card deals has surged recently.
Greenlight's report profiled the online search behavior of consumers who went to Google UK to look for borrowing, banking and savings & investments offerings, identifying the most popular terms they used to source them.
Of a total of 3.6 million retail banking-related searches in October, 69 per cent pertained to borrowing.
Mortgages featured in six of the ten most searched for terms with 'mortgage calculator' proving to be most popular, notching up 550,000 searches.
Queries relating to savings & investment offerings accounted for a 22 per cent share of overall searches. However, October search volumes which totalled 823,300, fell below July's 1 million.
Interestingly, looking at specific savings & investment search terms, the phrases 'best interest rates' and 'fixed savings bonds' which were not among the ten most queried terms in the previous quarter, featured in October, receiving 18,100 searches a piece.
Greenlight's report established those websites that were most visible to consumer searches.
Overall, moneysavingexpert.com was the most prominent site in the organic listings It secured a 72% share of visibility being visible to over 2.6 million searches.
In the paid listings, moneysupermarket.com was the most visible advertiser attaining a 78% share of voice.