Over-50s increasingly doing research online

29 July 2010 11:29:24

Many over-50s use the internet for personal finance.

The UK's internet market reached 38.8 million in 2010, with access becoming increasingly widespread. People of all age groups are now able to easily get online and even those with little technical knowledge, including some over-50s, are able to carry out basic emailing tasks and obtain information over the internet. Older people are increasingly using their internet connections to compare financial products and search for information, and many organisations, including Saga, have started to tailor their online offerings to cater for this age group.

Older people going online

Recent research by the UK Online Measurement Company revealed that the number of Britons using the internet had risen by nearly 2 million in the space of 12 months, with the biggest growth witnessed in the over-50s age group. The charity Age UK advises older people to make the most of the internet, claiming that they could save both time and money by getting online. It also notes that broadband access gives older people "a wealth of information at your fingertips" and points out that the internet can be used to stay in touch with friends and family, manage utilities and perform everyday banking tasks.

The charity has produced a free guide, with the support of BT, which describes internet banking as a "quick and easy way to keep tabs on your finances". It explains: "Instead of queuing at the bank, you can set up online access to your account and use it to transfer money, pay bills and set up direct debits. Because you do all the work yourself, banks save money on administration and this often translates into higher interest rates or lower charges." The leaflet also recommends using online comparison sites to find the cheapest money-related products.

Tailoring content for silver surfers

As the number of older people using the internet increases, so companies who cater for this group of consumers are starting to tailor their online offerings. Saga Group, which started to market insurance and financial services in the early 1980s, is one such company that has recognised the importance of modifying web-based content to meet the needs of its older clientele.

Naomi Thornton, senior press officer at Saga Group, revealed: "We provide policy documents and marketing material in larger font, in brail, or in audio for people who require it. Online there is the option to increase the font size, using the icon in the top right-hand corner of our website." She also noted that users can type any questions they may have about services and will be put through to a special agent who can provide specific answers.

Ms Thornton believes that, by tailoring its online content for this demographic, Saga is actively encouraging over-50s to use the internet to obtain financial help. She claimed that many over-50s are now "a lot more internet-savvy than some other age groups", as they tend to do more research before committing to financial purchases. She also noted that Saga operates a social networking platform which encourages people to get talking and seek advice from other like-minded consumers.

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