Seniors Increasingly Using Online Banking
The fastest growing group of online bank users may be senior citizens, according to general statistics and bank surveys.
Union Bank of California reports that it has seen a slow but steady increase in the last three years in the numbers of seniors it serves via the Internet. Currently, about 15 percent of its online business comes from people 55 and older.
Convenience is one of the reasons according to the bank. Seniors that don't drive anymore or have limited access to transportation can do their banking or pay bills at home. They also can do so on their own schedules, an increasingly important factor as the senior population gets busier and remains active longer.
Computer clubs and training classes geared toward older students also have helped seniors become more comfortable online, the banks adds.
The market is lucrative for banks since baby boomers are expected to increase the ranks of the elderly to 63 million over the next few years. Currently, about a fifth of all adults online are senior citizens.
Copyright © 2002 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 12, No. 6, 7/02>
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