Adoption of technology progressed during the Covid-19 pandemic as the lockdowns drove people to digital processes. This has resulted in a growing confidence in use of technology, especially when it comes to managing finances.
Aegon’s latest consumer research shows nearly 8 in 10 adults (78%) manage their finances digitally and a quarter (26%) said they are now more confident doing this since the beginning of the Covid-19 pandemic. And, confidence is even higher in younger age groups, with 42% of under 35s more confident about managing finances digitally.
When looking at how people prefer to manage their finances, apps are the most popular way to view balances and transfer money. And, for those investing money or managing a pension, website and apps were the top two methods.
Scams still front of mind
While confidence in digital use has risen, people remain wary of financial scams. Overall, 62% said they are concerned of scams when managing their finances digitally, but worryingly nearly a third said (32%) they were not concerned. Scam concerns were highest among the over 55 age group.
The Financial Ombudsman Service (FOS) has recently warned consumers about the growing risks of scams during the cost-of-living crisis, with people more vulnerable to approaches from fraudsters duping them into fake investments. Latest figures from the FOS** reveal that investment scams are the fastest growing ‘authorised’ scam complaint that it now receives….