87% of 60+ respondents, both digital and non-digital, use the services of financial institutions, of which 62% use the services of more than one financial institution, according to the report “Digital financial services and seniors “under the patronage of the Chamber of Fund and Asset Managers (IZFiA).
91% of “digital” seniors use the services of financial institutions carried out online, while almost 9%, for various reasons, still do not use them, although they use Internet tools. This indicates a very high degree of familiarization with digital financial products – people familiar with the Internet see the advantages of applications or services, it was stated.
The survey shows that 90% of “digital” seniors electronically check their balance on a checking account, and 86% make online transfers. Electronic deposits are made by 48% of digital seniors, and a dozen or so percent take out loans or invest using a brokerage account. Among seniors without digital skills, 32% check their account balance at a bank branch, which indicates that these people have much less control over their financial resources.
Unfortunately, digital products, designed with younger users in mind, cause a lot of problems for people 60+. Only 33% of people 60+ believe that the digital offer of financial institutions is properly tailored to their needs. As many as 42% of seniors have a neutral opinion about Perhaps some elements of this offer are incomprehensible to people 60 or 70+ (eg imprecise descriptions of offers or too complex contracts), as well as selected functionalities of financial management tools made available to clients (in applications or websites), according to its announcement.
It is also worth paying attention to the results of the report on non-digital seniors and their justifications for not using the Internet. 53% of these seniors indicate that digital financial services are difficult to use and time consuming. 57% of “non-digital” seniors believe that they will not benefit from using digital financial services. Concerns and limitations are the result of a lack of real computer experience. Lack of experience causes a lack of natural demand for the use of tools and supports the attitude of rejecting them as “difficult”, “time-consuming” or “risky”, it was further stated.
The use of digital financial services by seniors is much more due to the beliefs and perceptions of these types of services among respondents than from their real personal negative experiences. More than half of non-digital consumers have a generally negative image of digital financial services, perceiving them as difficult to use, demanding spend a lot of time learning and start using them.
The survey was carried out as part of the activities of SeniorHub, the Institute of Senior Policy (www.seniorhub.pl) from the funds of the Civic Organizations Development Program for 2018-2030. The researchers conducted a survey among over 500 respondents aged 60+ declaring using the services of financial institutions.
Source: IZFiA and ISBnews
