Do you bank online?

Two in five over-65s with bank account ‘do not manage their money online’

Nearly four in 10 (39%) older people are not managing their money online and could therefore be at risk of financial exclusion, according to Age UK.

A survey found a high level of support for in-person banking, with three-quarters (75%) of over-65s with a bank account wanting to undertake at least one banking task in person at a bank branch, building society or Post Office.

Age UK commissioned a poll by Ipsos of more than 1,000 people aged 65 and over across Britain in March and April to make the findings.

The research also found that nearly a third (31%) of older people with a bank account feel uncomfortable with online banking.

The research participants who were most likely to feel uncomfortable using online banking included those aged 85-plus, women, and people on a low income.

Among those who were uncomfortable with online banking, not wanting to be defrauded or scammed, a lack of trust in online banking services, and a lack of IT skills were cited as the main reasons.

The charity wants to see an accelerated rollout of banking hubs, which are places where banks share facilities, helping to plug gaps left by branch closures.

Caroline Abrahams, charity director at Age UK, said: “We need to face up to the fact that huge numbers of older people, the oldest old, especially, are not banking online.

“In addition, our new research also shows that even older people who do bank online often want the ability to talk to a bank employee in the flesh about some kind of transaction.”

John Howells, chief executive of cash machine and cash access network Link, said: “It’s vital to protect face-to-face banking services for the millions of consumers who rely on cash.

“The proposed national network of shared banking hubs being provided by the banking industry are proving a popular and easy-to-use way to do that.”

How do you feel about online banking? Do you manage your finances via technology or directly via a bank and Royal Mail? Do you have a banking app? Do you have a bank branch that you can easily access? Have you got a banking hub near you?