Research finds increased digitalisation of banking services is leaving older people abandoned
The trend of financial institutions shifting to digital-only platforms is leaving a growing number of older people behind, new research by home care provider Home Instead has revealed.
In the UK there is now overwhelming demand for banks and other financial services providers to retain real-world approaches – including maintaining branches and staffed locations – to better serve older members of society who are at risk of digital exclusion.
The vast majority of older people aged 66 plus, 88 per cent, now believe that banks should be forced to retain more physical branches.
Additionally, 78 per cent of that same group believe that the increasing digitalisation of society marginalises older people, who often face barriers to accessing, understanding, and using technology.
For many older people, in-person banking remains the only option they are confident with, underscoring the critical need for physical bank branches to avoid leaving this vulnerable group isolated and unsupported.
These are just some of the findings of one of the most comprehensive studies of its kind: part 2 of The New Ageing Index, 2024, from Home Instead, a private provider of home care.
The index is an attempt to discover what ageing in 2024 really looks like and explores some of the key issues facing older people and their carers today.
And the study found that the consequences of the digital divide go beyond access to banking: nearly three quarters of all those surveyed (70%) believe that greater digitalisation within society increases loneliness and isolation for older people.
To bridge this divide, urgent action is needed to make technology more accessible for older adults. This includes programs and resources to help them understand, adopt, and effectively use digital tools.
The research also shows technology has the potential to enhance the lives of older people, particularly in areas like home care and health monitoring, which could offer greater independence and comfort for those who choose to age at home. Almost two thirds of those surveyed (65%) believe this to be the case.
Tech companies themselves must also do much more to serve older generations. Over three-quarters (76%) say tech providers (hardware makers and social platforms) need to make products that are easier for older people to use
Martin Jones, CEO of Home Instead, said: “As our population ages, the need to address the social disparities which digital culture is creating is one of great urgency. A collective approach—combining the retention of physical banking services with efforts to improve digital inclusion—could provide older people with a more balanced and supportive system that meets their unique needs in both the physical and digital realms.
“Older people want to be involved and valued but this can’t happen if technology leaves them behind. The willingness to learn and adapt is there so more must be done across the tech sector to help older people stay connected and be a part of our increasingly digital world.”
The need to encourage lifelong learning to future proof digital skills and tackle digital inequalities is paramount with 74 per cent of those surveyed believing this to be the case. This rises to 77 per cent for the older people surveyed showing the willingness to continue learning is very much there.
In recent news, NHS Scotland partner InnoScot Health has backed government efforts to promote workforce engagement on the need for digital transformation – and insists it is also integral to unlocking innovation ambitions.
