UK seniors doubled their share of online spending 

Brits are adapting their spending to a new normal

online spending

UK seniors doubled their share of online spending. Source: unsplash.com

According to new research from Halifax, 46% of all transactions in the UK have been made online since strict social distancing rules were introduced. For comparison, only 27% of transactions were made online in 2019.

The survey has found that people over the age of 65 have doubled the share of online transactions since lockdown compared to 2019, from 20% to 40%, respectively. Only those between 18 and 24 (27% to 52%), and 25 and 34 (29% to 51%), have shown greater increases.

Furthermore, people over the age of 65 have grown the number of online transactions by 34%, which is the biggest increase of any age category.

As to 55 to 64-year-olds, they have increased the number of payments by 24% and those aged 45 to 54 by 14%.

The surge in online payments and demand for internet banking is primarily driven by the unprecedented situation many people currently find themselves in. When we look at this across different age groups, we have seen a much greater shift amongst those aged over 65. What will be interesting to see is whether this new norm continues when restrictions start to lift – especially for older groups who have previously carried out most of their spending in person
Russell Galley, Managing Director of Halifax

We’ve reported that 57% of consumers are currently preferring internet banking, compared to 49% before the pandemic. Besides, 55% started using banking mobile apps more, compared with 47% earlier.

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