32% of those over 75 years of age use the internet weekly. Before the pandemic, only 18.2% of Spaniards belonging to this generation were connected. These are the latest figures from the survey on equipment and use of information and communication technologies in homes carried out by the INE, which shows that only 15.5% of those over 75 years of age make regular use of digital banking. A percentage that rises to 43.2% among those over 75 years of age who are internet users. But what about the rest?
The arrival of digital banking has opened new avenues for financial inclusion but, as we see, there are many older people who, when interacting with their application, among many other “routines”, feel the same as a Z rewinding a “ cassette”: totally lost. According to the Financial Competencies Survey (ECF), the level of financial knowledge of people between 65 and 79 years old is below the level of the total Spanish population. Is it possible to leave no one behind?
More screens, more immediacy and operability, but also fewer offices and with it, fewer familiar faces behind a counter to whom you can confide any questions. Banking evolves at the pace that society does, but at the rate it does so it feeds the specter of financial ageism. That is, the possibility of an older person being discriminated against simply due to age. Not mastering the language imposed by new technologies in finance is the root of the problem, and those who by generation are not digital “natives” need extra support.
Banco Santander picks up the gauntlet with the development of workshops for the financial education of our seniors, within the framework of its Responsible Banking agenda. It is not just about the 'senior' group being able to access it, but also about understanding that digital banking offers a wide range of solutions and services within their reach. In short, to promote the necessary skills to manage your finances with a single click and without having to travel. Something especially important in those towns without an ATM or office.
Under the motto “Understanding digital banking”, Banco Santander launched last year a new edition of its star financial education program in Spain 'Finance for Mortals – Senior Edition' aimed especially at people over 65 years of age who, as highlighted Javier González Zorita, trainer and promoter of volunteering at Santander in Castilla y León, "feel uneasiness due to the fear of making a mistake, clicking on the wrong screen and not knowing how to rectify it or not knowing who to turn to due to the fear of making a mistake."
In addition to prevention against cybercriminals or tips for a safe digital life, the senior edition of the program focuses, among other topics, on digital banking - main channels and use, identification or practical navigation through the app and website - and the use of ATMs and Correos Cash – operations with and without card, useful and common procedures or the use of the Correos Cash service through post offices or postmen.
Since the launch of these training sessions specially designed for the elderly, more than 3,100 people have participated in the 251 workshops organized throughout the national territory, with special focus on small or rural towns.
Born in 2012, the Finance for Mortals program is a financial education initiative that Banco Santander develops in collaboration with the Santander Financial Institute (SANFI) and is aimed at different groups, paying special attention to the most financially vulnerable groups: children and young people. , older people, social entrepreneurs, people with disabilities and other groups at risk of social exclusion. In 2021 alone, it brought basic financial education to more than 75,000 people in Spain, 15% more than the previous year, and had 155 volunteer trainers from Banco Santander. In 2022, there were 82,500 people and 370 Santander volunteer trainers involved.
If in 2021, the 'Educational Justice' edition focused on people deprived of liberty, with workshops successfully taught in several penitentiary centers, this 2023-2024 academic year, children will be the protagonists under the motto 'Financiers of the Future'. The essence remains: teaching financial concepts to different groups to help them make the best decisions about how to manage their resources, managing online banking and maintaining the security and protection of their finances.
