As the pivot to financial apps accelerated during the pandemic, the number of over 55s turning to them has been no different. The financial app Revolut has reported an increase of over 215 per cent in the number of UK users aged between 55 and 74 over the past two years.
Eighty-five per cent of the UK population owns a smartphone, according to Ofcom, and as consumers increasingly discover apps that make their lives easier, financial apps have continued to proliferate: but these are not just the preserve of the young.
New data from Revolut shows that older consumers are also embracing the financial super app in significant numbers, and for myriad different uses in addition to day-to-day spending. The number of transactions by UK users aged between 55 and 74 using Revolut has quadrupled, and an increase of around 470 per cent in the amount spent over the past two years.
The data shows that older customers are finding fintech accessible, purchasing items and services online and in-store, with the most popular merchants including post offices, cafes, and supermarkets.
As retirees take to the skies once again they’re turning to financial apps in droves, proving these fintechs aren’t exclusively appropriate for younger audiences. As travel restrictions relax, the 55 to 64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64 to 75 age group isn’t far behind with an 840 per cent increase.
However, the number is still growing since countries began to reopen borders. There has been a 260 per cent increase in the number of 65 to 74-year-olds spending in foreign countries, and a 500 per cent increase in the amount spent by 55 to 64-year-olds in foreign countries by UK users year-on-year.
As an example of this heightened user penetration, Revolut points to the case of married retirees, ‘Paul’, who is 56 years old, and ‘Lynn’, who is 61 years old. The couple, who are originally from Stockport UK, decided to embrace a slower pace of life by purchasing a camper van to travel around Europe for several months. Destinations on their route included stops at Norway, Switzerland, Portugal and Germany. After decades of relying on traditional banks, the couple decided that Revolut cards were the best choice to aid them on their road trip.
The couple said: “In our new life stage, we were both keen to travel with ease. It would have been too difficult to rely on a bank where necessary phone calls or a trip to a high street branch were needed. Additionally, we wanted to stick to a budget and were worried about any hidden and ridiculous costs.
“There was a security concern of having cash in the van, and some countries we visited were largely cashless, so that wasn’t an option for us. We were delighted to rely on Revolut for a seamless holiday as we could spend and transfer money at great exchange rates, and with no fees. The amount of money we saved meant that we could confidently travel for longer and explore even more countries.”
George Grumbar, Revolut’s head of customer affairs, added to this with: “Our app is incredibly user friendly, something we’re very proud of. Customers can set up a Revolut account in 60 seconds, and if they need any help, we offer a secure online chat service within the app, connecting our customers to real people.
“Given the greater confidence in online and app-based financial services over the last two years, the confidence in using cash less, and the understanding of the security measures and fraud protection, we expect to see growing numbers of customers of all ages.”
