How technology can help older generations with personal finance

Most technology is designed to benefit everyone.

Yet, certain people feel excluded from the digital age — particularly the over 60s. As tech advances, many older people struggle to keep up.

The government and certain charities are working to overcome this issue, but how can tech help this age group now?

Personal Finance

Actually, in many ways. Especially when it comes to financial management.

Paperless statements.

Bank statements can be worthwhile. Many people use them to analyse their spending habits and identify saving opportunities.

Paper records, however, are easy to lose. A lot of us mislay them, and when we do, we have to order — and wait — for another set to be delivered. Or we must travel to the bank. Either activity taking up valuable time.

Paperless statements, however, allow us to access our financial records whenever we like, with the touch of a few buttons, and no need for filing!

If you don’t currently have access to paperless statements— your bank will be able to help youto install this feature. Pop in for an appointment and ask a representative to give you a quick guide to viewing your statements online so you will be confident doing it yourself in the future.

All you’ll need is a PC, laptop or phone. It really is that simple.

Bill alerts.

Financial organisation can be a tricky topic for anyone. But technology often makes it easier. Specifically, it can help many people to stay on top of their bill payments.

Providing that a person owns a mobile phone, they can easily set reminders for important payment dates within their phone calendar. They’re then able to tailor each alert to suit their personal schedule and preference. So, they could arrange to be prompted a few days before a bill is due, with either a message or an alarm.

Using this method, they won’t have to rely on a paper diary. Once dates have been added to the device, they are confirmed for the future, with no need to check anything.

This is one simple, effective way to digitally organise one area of your personal finances.

Financial apps.

Apps aren’t just for young people —they can help almost anyone. Using a financial app, you can store all financial items in one place — and carry them with you, wherever you go.

Certain apps could help you to boost your savings, while others can help with budget setting, so you don’t overspend. The best apps tend to offer analysis on your spending behaviour – and provide advice based on your history. And, the good news is that they are all easy to set up and use.

Age shouldn’t hold anybody back — especially when it comes to personal finance. Once you know how, you can reap various rewards from financial technology.

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