Population ageing is a global trend. According to data from the World Health Organization, it is estimated that 2050% of the world's population will be over 22 years old by 60. However, age discrimination, known as ageism, is a growing problem that affects older people in different areas, including the digital divide in access to banking services.
On the podcast 'The Voices of Satoshi', the illustrious Jaume Vicent and Iván 'El Sentencias' debated how the arrival of CBDCs, the digital currencies of central banks, could lead to a greater growth of this digital divide. You can watch the full debate here:
But the truth is that as technology advances, financial services have also evolved, with many banks choosing to offer online, mobile and digital services. However, many older adults, especially those with less education and resources, may have difficulty accessing these services. According to an OECD report, 42% of adults over 65 years of age in member countries have never used the Internet, and only 18% of adults over 75 have done so. Additionally, the report notes that access to technology varies by income and education, which may perpetuate the digital divide among older adults.
This digital divide can have serious consequences for older people, including financial exclusion. Many banks have stopped offering in-person services, such as branches or ATMs, and have chosen to focus on digital services. If older adults cannot access these services, they may have difficulties paying their bills, conducting banking transactions and accessing their savingsAdditionally, some banks may charge additional fees for in-person services, which can disproportionately affect seniors.
It is important to note that the digital divide is not simply due to a lack of technological skills, but can also be the result of physical and cognitive barriers. For example, some older adults may have difficulty reading small print on digital screens or to navigate complicated interfaces. In addition, lack of internet access or appropriate technological devices can limit the use of digital services.
It is important, in this sense, to highlight that the financial exclusion of older adults not only affects the older population, but can also have negative impacts on the economy in general. Financial exclusion can affect the ability of older people to consume and contribute to the economy, and can also have effects on financial stability and investment.
