Older adults flock to financial apps as Revolut reports 215% more UK users aged 55-74 since pandemic
Data has also shown that older adults are back to travelling as the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind with an 840% increase.
Revolut has reported an increase of over 215% in the number of UK users aged between 55-74 over the past two years as the financial super-app grew its user base to more than 18 million customers worldwide and over 4 million in the United Kingdom.
A move toward digital finance has become one click away, especially since the start of the COVID-19 pandemic, which has made the elderly wary of contacting financial services professionals face to face or dealing with physical cash.
470% more spending over the past two years
Revolut has now confirmed that older consumers are embracing the financial app, with the number of transactions by UK users aged 55-74 having quadrupled with around 470% more spending over the past two years as they found the fintech app practical for purchasing items and services online and in store, with the most popular merchants including post offices, cafes, and supermarkets.
Data has also shown that older adults are back to travelling as the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind with an 840% increase.
There has been a 260% increase in the number of 65-74 year olds spending in foreign countries, and a 500% increase in amount spent by 55-64 year olds in foreign countries by UK users year on year, said the announcement, mentioning married retirees, Paul (56) and Lynn (61) from Stockport, who have purchased a camper van to travel around Europe for several months, including Norway, Switzerland, Portugal, and Germany.
“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 highstreet 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 no fees. The amount of money we saved meant that we could confidently travel for longer and explore even more countries.”
George Grumbar, Revolut Head of Customer Affairs, said: “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.”
