You are here: Home - Saving & Banking - News -

Over 65s double online transactions since lockdown

0
Written by:
11/05/2020
The share of transactions made online rather than face-to-face by those aged 65 and over has doubled since the start of lockdown.

Nearly half of all transactions (46%) have been made online since lockdown took effect, according to Halifax analysis of its debit card customers.

This is up from around one in four (27%) transactions made online in the run up to February 2020.

But the bank revealed the move towards online payments has been strongest in the group of users aged 65 and over.

In this category, the share of online transactions has doubled from 20% last year to 40% in lockdown.

Only those between 18 and 24 (27% to 52%), and 25 and 34 (29% to 51%), have seen greater increases.

Halifax said record numbers of people aged 65+ are now signing up to online banking.

In the 28 days after lockdown was introduced, online registrations by the oldest age group rose by 63% when compared with the 28 days immediately before.

Further, over 65s have continued to increase their contactless usage throughout the pandemic. The week before lockdown, 54% of card payments made by them were contactless. A month later, this had increased eight percentage points to 62%.

Russell Galley, managing director of Halifax, said: “The surge in online payments and demand for internet banking is primarily driven by the unprecedented situation many people currently find themselves in. When we look at this across different age groups, we have seen a much greater shift amongst those aged over 65.

“What will be interesting to see is whether this new norm continues when restrictions start to lift – especially for older groups who have previously carried out most of their spending in person.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • More than one in 10 Brits have fallen victim to a #coronavirus-related #scam over the past two months, research sho… https://t.co/iZ3U6ppvhp
  • "The government needs to support the removal of non-ACM cladding from buildings that are under 18 metres as well,"… https://t.co/WW5ONNqBdH
  • RT @DASLegalUK: The nation has turned to online shopping, but what are our retail rights if we face issues with delivery, faulty items, ret…

Read previous post:
Watchdog may take action if airlines fail to refund passengers for cancelled flights

The aviation regulator has stepped in to warn airlines they must refund passengers for flights cancelled as a result of...

Close