July 18, 2021

Digital Money for Seniors

A data-driven guide on adjusting to the digital future of banking

Understanding money in the digital age is critical to managing your finances. There's no way you should be handling your money like it's the 1990s.

Recently CompareTheMarket.com put together a data-driven guide called 'Digital Money for Seniors.' The guide explores key facts and challenges faced by the elderly in a world increasingly accustomed to digital banking.

Digital Moneyfor Seniors

The guide shares important insights such as:

  • How the rapid move towards online banking and digital services-risks leaving older people behind.
  • The-importance of digital inclusion-and-age-friendly banking-to reliably meet the needs of the elderly.
  • Great examples of-industry initiatives-that help teach and support seniors to use digital services.
  • Useful tips and advice-to offer help to elderly relatives or friends when using smartphones and the internet.

Some interesting facts you'll find:

  • 42% of over 75s (nearly two million people in England) weren't using the internet and are still digitally excluded.
  • 49% of people aged 55 and over said they weren't confident using an app to apply for a credit card or loan.
  • Bank branches and cashpoints (ATMs), relied upon by many seniors, are disappearing at a rapid rate across the UK.

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