Invest
Older Aussies ‘lack’ confidence with financial technology
It’s not that older Australians lack the capacity to engage with modern banking technology, but that they lack the confidence, a major Australian bank has said.
Older Aussies ‘lack’ confidence with financial technology
It’s not that older Australians lack the capacity to engage with modern banking technology, but that they lack the confidence, a major Australian bank has said.
New data from the Commonwealth Bank shows that older Aussies are “increasingly” using technology to stay on top of their finances. However, while the bank noted that this group has “strong ATM usage” and has seen a “big uplift in online banking”, they nevertheless lack confidence.
The head of retail sales strategy and projects at CBA, Anna Mankiewicz said: “What we find in our everyday interactions with older customers is that, when it comes to keeping up with the fast evolution of technology, it is confidence they lack, and not capacity.
CBA noted that around 15 per cent of its customer base consists of over 65-year-olds and within that group, one in four banks via NetBank and the bank’s CommBank mobile app. That equates to an increase of 41 per cent over the last two years, CBA said.
Further, 50 per cent of customers over 65 are using ATMs. CBA argued that these figures are in contrast to industry research which shows that age is key factor in customers’ ability to engage with and keep up with technology.
Ms Mankiewicz said the growth in technology adoption by older Australians indicates a “clear shift away” from inter-personal transactions traditionally used by those customers.
“This is a testament to the support our branch teams provide to older customers in using banking technology, as well as the work we do partnering with industry peers and government departments to provide that confidence and knowledge they need.
“As one of Australia’s largest customer-facing institutions with a big branch network, our teams have a role to play in guiding and supporting older consumers to keep up with technology, so they can maintain their independence when managing their finances and have the ability to bank with us when it is convenient for them, not just during branch operating hours,” she continued.
Spending
New car sales soar but EVs are left behind
Despite Australian consumers continuing to purchase new vehicles, EV sales have remained stagnant, new research has revealed. ...Read more
Spending
Consumer advocates hit back at self-regulated BNPL code of practice
The long-awaited buy now, pay later code of practice is set to come into effect from 1 March, but industry experts remain sceptical of the self-enforced rules. ...Read more
Spending
Young Aussies’ guide to getting your dollars adding up in 2021
You may have noticed something unusual happen to your bank balance since the COVID-19 pandemic hit: it went up instead of down. Capitalise on that in 2021 with these simple steps, writes Helen Baker. ...Read more
Spending
Christmas shopping not as popular as Black Friday bargains
Consumers are continuing to move their Christmas spending to November, with Black Friday sales trumping December retail sales, new research has revealed. ...Read more
Spending
EV Council on GM’s demise: Electric vehicle policies ‘Holden’ us back
Less than a year since Holden left Australia, it’s parent company GM has announced that it is going to build all-electric vehicles, which is no coincidence, an industry expert has revealed. ...Read more
Spending
How online dating is set to lift the population by 2040
The popularity of online dating will see more children being born to couples who met online and lift the overall population rate of Australia, new research has revealed. ...Read more
Spending
Collector to spend $500k on motoring history
The last Holden manufactured in Australia is going to auction this weekend, with collectors likely to spend an estimated half a million on this piece of history. ...Read more
Spending
Tobacco, trips and childcare see CPI lift
An increase in tobacco tax, the unwinding of free childcare subsidies and rising domestic holiday travel during the Christmas period saw the consumer price index lift 0.9 per cent during the Decembe...Read more
Spending
New car sales soar but EVs are left behind
Despite Australian consumers continuing to purchase new vehicles, EV sales have remained stagnant, new research has revealed. ...Read more
Spending
Consumer advocates hit back at self-regulated BNPL code of practice
The long-awaited buy now, pay later code of practice is set to come into effect from 1 March, but industry experts remain sceptical of the self-enforced rules. ...Read more
Spending
Young Aussies’ guide to getting your dollars adding up in 2021
You may have noticed something unusual happen to your bank balance since the COVID-19 pandemic hit: it went up instead of down. Capitalise on that in 2021 with these simple steps, writes Helen Baker. ...Read more
Spending
Christmas shopping not as popular as Black Friday bargains
Consumers are continuing to move their Christmas spending to November, with Black Friday sales trumping December retail sales, new research has revealed. ...Read more
Spending
EV Council on GM’s demise: Electric vehicle policies ‘Holden’ us back
Less than a year since Holden left Australia, it’s parent company GM has announced that it is going to build all-electric vehicles, which is no coincidence, an industry expert has revealed. ...Read more
Spending
How online dating is set to lift the population by 2040
The popularity of online dating will see more children being born to couples who met online and lift the overall population rate of Australia, new research has revealed. ...Read more
Spending
Collector to spend $500k on motoring history
The last Holden manufactured in Australia is going to auction this weekend, with collectors likely to spend an estimated half a million on this piece of history. ...Read more
Spending
Tobacco, trips and childcare see CPI lift
An increase in tobacco tax, the unwinding of free childcare subsidies and rising domestic holiday travel during the Christmas period saw the consumer price index lift 0.9 per cent during the Decembe...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
