Research by Lloyd's bank and digital skills charity Go On UK found that 70% of people said using the internet to look for deals is saving them more than £60 a month.
The research suggests that the older generation, who lack digital skills and are sometimes worried about shopping and banking online, are not benefitting from these savings as much as the younger digital-savvy population.
Chair of Go on UK, Martha Lane Fox, said: "It's unacceptable that the people who can benefit the most from what our digital age has to offer are currently missing out on making huge online financial savings.
"Some 64% of the over 60s who are digitally excluded say they are worried about privacy and security, while 62% claim the internet is of no interest to them. Yet, a staggering 86% of people who manage their money online say they 'worry less'."
Martha Lane Fox suggested that those who use digital to manage their money worry less in the long term, however the report found that 47% of over-60s said nothing would encourage them to gain online skills despite the obvious benefits.
The report also found that if the 1.7 million adults who currently do not have bank accounts or internet access were to turn to digital, they would save themselves £3.7bn between them each year.
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