Half of people aged over 55 using technology to manage budgets

New research commissioned by debt resolution specialists, DCBL  has found that more than half (51%) of people aged 55+ say apps now help them manage their money.

The research also showed that over three-quarters (76%) say they would proactively manage their finances via an app or online portal if their bank or finance provider gave them the option.

A fifth (21%) of the same age group say they use technology to view upcoming payments and review terms, while a further 12% like the ability to see how much money they owe at a glance.

Over 53% of respondents aged 55+ also say that they trust mobile apps more than SMS, email, phone call, or physical letters for making payments, whilst 34% of those aged over 65 also considered this channel to be most trustworthy. 

DCBL Group Strategy Director, Lee Samuels-Camozzi, said “These findings shatter long-held beliefs that only young people use technology to organise their lives and finances. Our latest research reveals that older generations are engaging with tech in greater numbers to manage their finances. It highlights the importance of having the option available to them. It means that people can get information at the push of a button at any time of the day or night.

“Technology now touches almost every part of our lives and every generation has some level of digital literacy. By offering self-serve options like an app, we can see customers are more likely to engage with us, update their billing information, and pay their outstanding balances at a time that suits them.

“We understand that some still prefer to use more traditional means to communicate about payments, which is why we maintain traditional channels like telephone and physical letters, while using innovative new technologies like WhatsApp and our own smartphone app. The more we support our customers to better manage their money, the faster we can help to take the stress out of debt.”