Older New Zealanders embrace digital finance options

Majority prefer this new method, study reveals

Older New Zealanders embrace digital finance options

Kiwis over the age of 50 are increasingly receptive to managing their finances online.

According to the latest NZ Seniors Digital Trends report, 82% agreed that banking, finances and paying bills are important functions to access through their devices. A total of 84% prefer to bank and pay bills via an app or website, rather than visit a bank branch.

The Digital Trends Report 2022, which was commissioned by New Zealand Seniors in partnership with consumer research group CoreData, surveyed 1,129 New Zealanders aged over 50 to uncover their appetite and enthusiasm for digital technology.

The report found smartphones are the most important technology device for senior Kiwis (43%), closely followed by a desktop/laptop computer (38%). The most common day-to-day uses of technology were keeping up to date with global affairs (71%), followed by managing finances (64%), keeping entertained (58%) and connecting socially (57%).

Age Concern is a charity dedicated to  providing information and support services to people over 65. Chief executive Karen Billings-Jensen (pictured above) said older Kiwis need the opportunity to acquire and expand their digital financial literacy because many were digital immigrants – they had not grown up using the technology available today.

“At Age Concern, we run digital financial literacy programmes across New Zealand for anyone wanting support to upskill,” she said. “Some of these are one-to-one and intergenerational, while others are conducted in group settings where seniors can come along with their buddies and learn face-to-face, which is great for bonding too.” 

Billings-Jensen said COVID-19 had increased seniors’ dependence on technology.

“The survey results found 41% of responders have embraced modern technologies more due to their experiences through the pandemic and 54% agree that the pandemic has changed the way they use technology to communicate with people,” she said.

“During the series of lockdowns, Age Concern supported Kiwi seniors with ordering groceries and prescriptions and paying their bills online. It was also an important time for us to help them stay connected with friends and family and healthcare providers, because we didn’t want people feeling isolated or alone. We are all about helping our seniors feel connected, belonged and included.”

Billings-Jensen said the report identified that digital technology was most helpful in terms of assisting older Kiwis stay across news updates (64%), making shopping convenient (51%), accessing medical services online (43%) and reducing their loneliness (31%).  

“The report busted the myth that seniors aren’t as tech-savvy, with two in three believing modern technology is more of an assistance in their daily life with 24% stating it is a great assistance and only 2% saying modern technology is a hindrance,” she said.

“The most extraordinary challenge seniors face when using technology is safety and security (69%), followed by understanding how it works (65%), the constant learning curve of keeping up with the change (61%) and the cost that goes into buying devices, programs and apps (56%).” 

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