Financial Literacy for Older Generations in the Digital Age Research Insights
Exploring the financial literacy of older generations in the digital age reveals considerable diversity among seniors, including their attitudes, confidence levels, and financial behaviors. Tailored approaches are essential to address the needs of different segments, such as limited choice, risk takers, and savvy investors. With the rise of digital tools like robo-advice, there is a need to balance online resources with face-to-face interactions and trusted advice sources. Cyber security, phishing, and scams pose challenges, especially for vulnerable seniors, highlighting the importance of community support networks in promoting financial well-being.
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Financial Literacy for older generations in the digital age November 9, 2017 Sandra Boyd-Hoare
Exploring the Australian Seniors population Qualitative (focus groups) Quantitative (segmentation) Depth interviews: vulnerable Focus groups: Seniors supporters ASIC Report 537 2
Seniors Considerable diversity Segmentation variables: Current financial situation Attitudes and confidence Choice Limited Today Focused Choice Rich Reactive Risk taker Cautious Investor Savvy Investor 41% 22% 37% Cognitive or physical decline don t discriminate 37% 3
Digital age Need for tailored approaches Choice Limited Today Focused Choice Rich Reactive Risk taker Cautious Investor Savvy Investor Robo Advice Attraction of lower advice fees Looking for quick solutions? Query: ability to account for changing circumstances Awareness of advice limitations? 80% - professional advice Confident searching online SEO - ASIC s MoneySmart performing well Website content focus May use robo-advice for specific issues Even online bill payment a challenge Preference for face-to-face and advice from those they know and trust leverage this May take guidance from children 37% 4
Digital age Need for tailored approaches Choice Limited Today Focused Choice Rich Reactive Risk taker Cautious Investor Savvy Investor Phishing; Online scams; cyber security Networks (e.g. women s) Aware and well read; Less vulnerable Own networks alert Reinforcement assists Naturally cautious Communication strategy crucial Vulnerable to get rich quick schemes Challenge: awareness of our messages Reinforcement Focus on the support networks they tap into Community organisations Close alignment with other government agencies 37% 5
Importance of Seniors Supporters Choice Limited Choice Rich Triggers for engagement: Declining physical or cognitive health Loss of partner and new responsibilities Digital environment / loss of confidence 6
Focus for ASICs Financial Capability team Development and curation of targeted information, tools and resources tailored to: Specific segment needs Seniors supporters Intermediaries and other government agencies who work closely with particular segments Tailored promotion and distribution strategies Channels (traditional and new); stakeholders 7
