Six out of ten over 50s can’t live without online banking

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 shows that eight out of ten 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**.

• One in five check their bank account online every day
• Seven out of ten over 50s have stopped visiting their local bank branch
• Men check their bank balance more often than women

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.

Seven out of ten over 50s say they hardly ever visit their local branch anymore, which could be a combination of banks closing smaller branches and because over 50s like to be able to transfer money online at any time of the day. However, our research shows that one in eight over 50s are still traditional bank users and one in ten 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. Furthermore, the online survey by Saga shows that its people aged 80 to 89 who 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.”