A recent survey of 3,000 people found that “74% of over 55s never tend to use mobile banking apps, and 26% of those surveyed said, they have never used online banking via a computer.”

It was found that the participants said they would like help with understanding how this concept works, as they feel it is targeted more towards the younger generation.

Roughly 2.2 million people are using cash for day-to-day transactions, even though in 2018, debit cards were the leader in payment transactions. The need to encourage the over 50s comes after bank branches and ATMs are closing on a daily basis, as their services can all be provided online.

The rise of contactless payments has predicted cash payments would be liable to just 10% of all payments within the UK in the next 15 years and is a reason as to why banks are emphasising on the need to encourage the over 50s to understand and support this development.