Most people over the age of seventy believe that they are capable of managing their banking affairs digitally themselves. They indicate that they often buy online and that they can no longer do without the internet. More than half say they sometimes ask for help. The younger generations estimate them to be much less skilled. They state that digital banking is complicated for their parents or grandparents and that they regularly need help, but find it difficult to ask for it. The elderly give themselves an average score of 7.3, while children and grandchildren give the older generation less than 5.5. This and more is apparent from a large-scale study by ABN AMRO among three generations. The most important conclusion:there is a difference in perception between the generations. That is why it is important to start a conversation with each other, so that everyone can join in.
The aim of the research is to map out how the elderly manage in the digital society, what the role of their network is and whether they receive help from children and grandchildren. As in the rest of society, digitization in the banking world is in full swing. With more and more bank branches closing, online banking is becoming the norm. At first glance, it follows from the research that people over seventy cope well in this area. No fewer than 73% find doing banking easier than ever. Moreover, almost four fifths have not been in a bank branch for (more than) a year and more than three quarters consider online banking – via app, laptop or computer – to be great progress. A third uses Tikkie and only one in six still pays with a giro collection form. So the elderly seem to be doing well. Yet more than half ask their children or grandchildren for help from time to time.
Six out of ten children and grandchildren find it complicated for their parents or grandparents to master online banking. Nearly three-quarters say they need regular help and more than half believe that things often don't work out. They don't think online banking is any easier than ever for the elderly. A majority also say that their parents or grandparents have a hard time distinguishing between genuine messages from the bank and scams, such as phishing. They worry about that. 40% of the middle and 37% of the youngest generation have examples in their environment of elderly people who have become victims of this.
Do older people overestimate themselves? Certainly not. Forgetting PINs and passwords is especially common among the youngest generation. Might people over 70 find it difficult to admit that they need help? That doesn't seem to be the case either. No less than 68% ask for help from his or her partner, children or grandchildren when using apps and computer programs. Younger generations are very willing to help the elderly. They show interest in their computer and telephone skills from their parents (88%) or grandparents (81%), talk to them about new digital possibilities (80% and 77% respectively) and help where necessary. Although, according to the elderly, there is still room for improvement.
It is important to keep in touch with each other, says Gudy van der Wal-Verbruggen. She leads, among other things, the team of financial care coaches at ABN AMRO:“By talking to each other you find out what it really is and what you can expect from each other. Maybe your parents or grandparents understand it all a lot better than you think. And maybe they just need more help than they think. After all, one seventy-plus is not the other. Trust is crucial in this. The survey shows that 43% of the elderly entrust their banking information to their partner, while 31% entrust it to their children. What strikes me is that 3% of the elderly indicate that they would rather not want help from a bank. This means that 97% is neutral or positive about it. This is exactly what we are working hard on. I really hope that people, if they need help, will not experience any barriers to knocking on our door, because that is our top priority.”
ABN AMRO will significantly increase the number of Financial Care Coaches to help the elderly and vulnerable customers. They answer questions and help with issues that the elderly encounter by telephone, via Image Banking or at people's homes. Nearly half of the surveyed elderly indicated that they would like to make use of this. The bank also organizes seminars, courses and workshops.
