Here’s how your age determines the way you bank online

If you’re aged under 45, there’s a good chance that you bank online much differently than over-45s. Here’s why.

A BIG divide has emerged in Australians’ banking habits, and it’s all to do with how old you are.

New research by Beyond Bank Australia has found that just one-third of people aged under 45 do their online banking using a computer, while 61 per cent use a mobile phone.

For people over 45 it’s a different story, with two-thirds only using a computer for online banking. Among them is Sharyn Devine, who says she has “never used my phone for internet banking”.

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Mrs Devine, 56, said her son Daniel had shown her mobile phone banking “but I consider it to be too small and fiddly so I would still rather use my laptop”.

“The over 45’s got used to doing banking other ways before it became available on mobile phones.”

Daniel Devine, 27, said he believed everyone would eventually use mobile banking as the younger generations aged.

Daniel Devine shows mobile banking to his mum Sharyn Devine. Picture: AAP/Mike Burton

“However, that doesn’t stop our eyesight getting poor and needing a larger screen and this is why a lot of older people don’t use their small devices,” he said.

Beyond Bank’s general manager customer experience, Nick May, said it was interesting to watch how quickly banking habits changed.

“It wasn’t that long ago that visiting a branch or ATM was the only way to transact. Now we have so many options at our fingertips,” he said.

Popular bank accounts

“Looking to the future, I think it’s just a matter of time before everyone is using their mobile or, as we are starting to see, even wearables such as watches to do basic banking.”

Separate data from Roy Morgan Research shows mobile banking is close to eclipsing internet banking as a popular way to transact, while ATM use continues to decline.

Roy Morgan’s industry communication director, Norman Morris, said there were questions about the future of cash.

“You don’t have to fight for an ATM now and they’re pulling some out,” he said. “It’s going the way of branches.”

@keanemoney

AUSTRALIANS WHO USE MOBILE BANKING

Age 14-24: 49 per cent

Age 25-35: 64 per cent

Age 35-49: 58 per cent

Age 50-64: 36 per cent

Age 65+: 13 per cent

Source: Roy Morgan Research (based on a four-week period to December 2018)

Originally published as Here’s how your age determines the way you bank online