Older Australians are keeping pace with the rest of the nation in adopting digital banking, according to a recent study by ANZ and the University of South Australia. The report, titled "Exploring Digital Capability In Older Australians," examines how individuals over 65 engage with digital banking.
The findings reveal that while the pandemic increased the necessity for online banking, many older Australians were already utilizing these services. However, concerns about cybersecurity and constant updates to software and devices were noted as challenges. Additionally, age-related impairments posed difficulties, particularly for tasks requiring voice communication or when small font sizes were involved.
A notable trend was observed in channel preference; 81% of those over 65 preferred internet banking, whereas only 26% opted for mobile banking apps.
ANZ Managing Director of Retail Banking, Kath Bray, commented on the findings: “Contrary to popular belief that older people are hesitant to use digital technologies, this research found most older people are able and willing to engage with the online environment.”
Bray added: “Many of us are likely to experience age-related impairments as we get older, whether that be with our vision, hearing or mobility. This report provides us with valuable insights about how we can create better solutions which will make a meaningful difference and build greater choice and dignity for older Australians.”
Key statistics from the report include:
- 81% of people over 65 used internet banking in the past year.
- Only 26% used a mobile banking app.
- 45% visited a bank branch compared to 33% of those under 64.
- 72% understand how to protect their privacy online.
- 83% feel confident recognizing suspicious links in various digital formats.
Overall data suggests that older Australians' response to digital banking aligns closely with national averages.
The research combines data from the ANZ Financial Wellbeing Survey conducted in 2021 and new interviews and focus groups by the University of South Australia.
For more details on accessible banking at ANZ, additional information is available.