Britons are the biggest users of technology in Europe and want greater digital innovation when it comes to managing their money, a new report has revealed.
According to investment platform eToro and the Centre for Economics and Business Research, the UK is the biggest user of card payments and digital education platforms, with Britons’ card payments totalling £1.1 billion in 2019, far exceeding its European counterparts. Yet, 60% of Britons would like to see further fintech growth, through the expansion of mobile payments, online investing platforms and online banking.
Younger generations were found to be more pro-technology, with 63% of 35-54 years old supporting fintech expansion compared to 55% of over-55s.
The research also revealed that the more people use digital technologies, the more capable and confident they become, with nearly half (44%) of over-55s using online banking at least four times a week. However, older generations were less confident about using mobile payment apps and online investment platforms, with 71% of over-55s rarely using a mobile payment app compared to just 21% of 18-34 year olds.
The report also found a disparity between age groups regarding the value of transactions they would feel comfortable making using mobile payments. Over half (55%) of adults aged under 34 would be happy making a payment in excess of £100, compared to only a quarter of over-55s.
Yoni Assia, CEO, eToro, says: “We are living in an increasingly digital world and when it comes to managing their money the majority of Brits are embracing the benefits of new technologies that help to make their lives easier.
“The speed of digital transformation means some consumers have adapted more quickly than others and preferences do vary, so it is important that the pace of change does not risk leaving people behind.
“The results of our study show that experience breeds confidence and by making it easier for people to access new technologies with the support in place to help educate them, we are likely to see levels of adoption continue to rise. The viability of our digital future relies on our ability to ensure this new world is inclusive, moral and – ultimately – human.”
The report also found:
- A third of UK adults (32%) say their use of technology increased during the pandemic
- Of this group, a third (33%) of over 55s say it has helped to teach them new skills compared to 27% of 18 to 34-year old’s
- Nearly half (47%) of over 55s say increased use of technology has made their life easier, marginally higher than the 45% share of younger adults