Do you use online banking?

18 November 2015

It’s a well-known fact that people over 50 are savvy with their money and it seems they are making the most of technology to keep track of their finances.



Research by Kantar shows that eight out of 10 over-50s have used the internet in the last 12 months and half of these people use the internet to do online banking.

An online survey by Saga Personal Finance shows that one in five over-50s say they check their bank account online every day and one in three look at their balance two or three times a week.

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In fact, the over-50s like online banking so much that six out of ten say they couldn’t live without it now. This is because they say it’s convenient to check their bank balance from the comfort of their own home and it stops them worrying about their money. 

Online banking and the over-50s infographic

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Seven out of ten over-50s say they hardly ever visit their local branch anymore, which could also be influenced by banks closing smaller branches. However, Saga's research shows that one in eight over-50s are still traditional bank users and one in 10 say they don’t trust online banking.

Men keep the closest eye on their account as one in five log in to their online banking daily, compared to one in seven women. 

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Ensuring access for all

Furthermore, the online survey by Saga shows that people aged 80 to 89 are the most likely to log-in to online banking every day with one in five turning to the internet at home instead of their savings book to see how much money they have.

Joanna Fowler, Head of Product, Saga Personal Finance, commented: “It is great that so many over 50s are tech-savvy and are embracing the opportunities that come with managing their money online. However, we need to ensure that people aren't left behind in the race to adopt technology and that services can be accessed in ways which are convenient for all customers.”

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The opinions expressed are those of the author and are not held by Saga unless specifically stated.

The material is for general information only and does not constitute investment, tax, legal, medical or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.