Digital-only banking risks marginalising older generations – report
Online banking, apple pay, and contactless payments seem to be preferred by many, but new research shows the digital financial switch is leaving a growing number of older people behind.
Home Instead, the UK’s largest provider of home care, have this week published The New Ageing Index – an ongoing examination of where the UK is in 2024/25 on issues crucial to age. Within the report, experts found one of the main problems affecting older people is the shift to digital banking.
To conduct the research, Savanta surveyed over 1,000 people from a nationally representative sample – including a detailed examination of the experience of the country’s volunteer carers – to attain an insight into what it means to age in Britain in 2024.
The report outlines that 88% of people aged 66 and over now believe that banks should be forced to retain more physical branches. What’s more, 78% of that same group believe that the increasing digitalisation of society marginalises older people, who often face barriers to accessing and understanding technology.
Martin Jones, Home Instead CEO, said: ‘As our population ages, the need to address the social disparities which digital culture is creating is one of great urgency. A collective approach – combining the retention of physical banking services with efforts to improve digital inclusion – could provide older people with a more balanced and supportive system that meets their unique needs in both the physical and digital realms.’
On the topic of improving experiences, 65% of those surveyed claimed technology has the potential to enhance the lives of older people particularly in areas like home care and health monitoring.
Against this backdrop, 76% of respondents said tech providers – hardware makers and social platforms – need to make products that are easier for older people to use.
‘Older people want to be involved and valued but this can’t happen is technology leaves them behind,’ Martin added. ‘The willingness to learn and adapt is there so more must be done across the tech sector to help older people stay connected and be a part of our increasingly digital world.’
In related news:
