Older Australians switching to banking online

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While older Australians may be reluctant to actually switch banks, a growing number are happy to make the move to online banking, shunning the traditional visit to a branch.

A survey by St.George Bank has found that 50 per cent of older Australians prefer to bank online and only 43 per cent are still keen to visit a branch.

The survey of 1000 Australians, aged between 50 to 75, has found that, despite the myth that older Australians are fearful of technology, they are actually embracing the convenience of the online world.

Of course, with increased online activity, especially when it concerns finances, the need to stay safe online is also growing. With this in mind, St.George Bank is inviting older Australians to pop into their local branch during NSW Seniors (3–12 March) for a cup of tea and a chat about online safety.

“Our research shows 50 per cent of older Australians prefer to bank online compared with 43 per cent who like to visit a branch. With a growing number of people embracing internet banking, St.George is encouraging seniors and their families to come into a branch for a chat and tips on how to bank online safely and securely,” said Ross Miller, General Manager of St.George Retail Bank.

The survey also found that savings account interest rates, followed by mortgage rates, service offering and having a local branch nearby, are the priority when choosing a bank. And changing banks isn’t top of their to-do list either, with 43 per cent last changing banks more than 10 years ago and 18 per cent having never changed.

From YourLifeChoices Retirement Insights Survey, we know that technology doesn’t faze older Australians. With over 6700 responses received, we know that 70 per cent of our members are more than happy to shop online and that 76 per cent regularly trade shares. Older Australians also spend a considerable amount of time online, with 45 per cent going online three or more times a day – 42 per cent spending one to two hours and 24 per cent spending two to three hours.

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Written by Debbie McTaggart



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