Featured Research

from universities, journals, and other organizations

The over-80s are locked out of modern banking

Date:
June 30, 2011
Source:
Northumbria University
Summary:
A significant gap prevails between the services provided by the UK’s banking industry and the everyday banking practices of people over 80, according to new research.

A significant gap prevails between the services provided by the UK's banking industry and the everyday banking practices of people over 80, according to research that will be presented at a conference at Northumbria University next week.

The study of a group of people in their 80s in the North of England captures their financial life stories and reveals that, while the banking industry has pressed forward with new technologies, most older people are nervous of their personal security when using ATMs, phone banking and internet banking.

Furthermore, despite moves to make banking more inclusive, the industry has failed to take into account this age groups feelings towards cash, with new technology unable to adequately replace the material aspects of coins and notes.

The research, which was carried out by Dr. John Vines and Prof. Mark Blythe from Northumbria University's School of Design in collaboration with teams at the University of York and Newcastle University, will be presented at the 25th annual British Computer Society Conference in Human Computer Interaction from 6 -- 8 July.

The study highlights the distance between a lifetime's experience of banking and the technologically-mediated banking of the 21st century.

The older old prefer to use cash because of properties such as countability, hideability, portability and transferability. Numbers on a computer screen and debit cards are not an adequate replacement for cash.

The research also highlights a resistance against digital technology, partly driven by a desire to maintain tight control of their finances.

In their paper, the researchers conclude: "For many of these eighty somethings, it is important to know that everything is, literally, in hand ... the medium of cash and the network of objects, institutions and people encompassing their life-long experiences of money afford a level of immediate security and trust that becomes opaque in electronic transactions.''

They add: "This group of eighty-somethings are happy to collect cash, walk down the street with cash and store it in places throughout their homes. They are, more often than not, very aware of the dangers of these practices, but they continue nonetheless. These are practices to be harnessed by designers and policy makers and not to be dismissed.''

The research adds that while focused on the needs of a minority group, the findings have implications for a much wider audience. "You don't have to be eighty-something to dislike telephone banking and online password systems, or to find it difficult to keep track of your finances. Quite often, perhaps, the needs of the few are also the needs of the many."


Story Source:

The above story is based on materials provided by Northumbria University. Note: Materials may be edited for content and length.


Cite This Page:

Northumbria University. "The over-80s are locked out of modern banking." ScienceDaily. ScienceDaily, 30 June 2011. <www.sciencedaily.com/releases/2011/06/110630091705.htm>.
Northumbria University. (2011, June 30). The over-80s are locked out of modern banking. ScienceDaily. Retrieved July 30, 2014 from www.sciencedaily.com/releases/2011/06/110630091705.htm
Northumbria University. "The over-80s are locked out of modern banking." ScienceDaily. www.sciencedaily.com/releases/2011/06/110630091705.htm (accessed July 30, 2014).

Share This




More Science & Society News

Wednesday, July 30, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Climate Change Could Cost Billions, According To White House

Climate Change Could Cost Billions, According To White House

Newsy (July 29, 2014) A report from the White House warns not curbing greenhouse gas emissions could cost the U.S. billions. Video provided by Newsy
Powered by NewsLook.com
Climate Change Could Cost Billions According To White House

Climate Change Could Cost Billions According To White House

Newsy (July 29, 2014) A report from the White House warns not curbing greenhouse gas emissions could cost the U.S. billions. Video provided by Newsy
Powered by NewsLook.com
It's Not Just Facebook: OKCupid Experiments With Users Too

It's Not Just Facebook: OKCupid Experiments With Users Too

Newsy (July 29, 2014) If you've been looking for love online, there's a chance somebody has been looking at how you're looking. Video provided by Newsy
Powered by NewsLook.com
How Your Face Can Leave A Good Or Bad First Impression

How Your Face Can Leave A Good Or Bad First Impression

Newsy (July 29, 2014) Researchers have found certain facial features can make us seem more attractive or trustworthy. Video provided by Newsy
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:
from the past week

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins