Does The Internet Save You Money?

We all know about online shopping, deals like Groupon and online consumer research. But do these activities actually save you money? Yes, says the Internet Innovation Alliance. According to the IIA, “U.S. consumers can save $7,200 annually by having high-speed Internet access. The savings come from online deals directly from businesses or social media websites.”

In explaining its methodology, the IIA says that a certified financial planner used the Labor Department’s 2010 Consumer Expenditure Survey and then found online discounts on essentials like housing, apparel, gasoline and food. Focusing on five of the top 12 U.S. markets, he found that overall savings were $7,695. The IIA actually looked at 10 areas of consumption, and found savings in every area ranging from $2444 (housing) to $47 (bill paying). These are all displayed in chart form in the IIA report.

Although Speed Matters can’t confirm the accuracy of this survey, it does point out that high-speed connections bring many unexpected benefits, as well as those of greater access to information and increased civic involvement.

IIA says broadband Internet saves consumers $7,200 per year (Phoenix Business Journal, Nov. 2, 2011)

Access to Broadband Internet: Top Ten Areas of Saving 2011 (Internet Innovation Alliance, 2011)