If there is a silver lining to this pandemic, one might be that it has spurred older adults to adopt and use technology more widely, helping them participate more fully than ever in the digital world.
For instance, in 2019, about half of older adults had never used video chat, but by 2020, 70 percent had, with 1 in 3 using it weekly. More than a third of older adults are texting, and more than a quarter are emailing and using their phones more than they did pre-pandemic, according to AARP’s 2020 Tech Survey.
Whether working from home, staying in touch with loved ones, ordering groceries, or conducting telemedicine visits, many older adults mastered new skills to avoid being left behind during the pandemic.
While many older adults have become comfortable online, some still need a bit more help to feel confident in the virtual world. That’s why AARP Foundation collaborated with Chase to develop a suite of easy-to-navigate resources in Spanish and English. These tools can help older adults stay connected and safe online while accessing all the digital world has to offer.
1. Connecting with others online
Connecting online might be the next best thing to being there – during a pandemic, or even in non-pandemic times when weather, distance, mobility issues, or transportation can make it difficult for older adults to meet in person.
AARP Foundation and Chase have a virtual workshop and a video that teach older adults how to use video chat and social media safely to stay connected with others. Our workshop also teaches older adults how to safely enjoy hobbies virtually and search for and find local and virtual events online.
2. Boosting financial health through online banking
During the pandemic, it was more difficult for older adults to manage their finances if they could not visit a bank in person.
To help older adults feel more comfortable with online banking, AARP Foundation and Chase developed free online resources in Spanish and English to demonstrate how to deposit checks virtually, use banking apps, and monitor their finances from home. Our tools include a fun, interactive mobile banking workshop and a 2-minute AARP Foundation video with lessons on using financial apps, depositing checks remotely, and transferring funds and sending money virtually.
In our mobile banking workshop, older adults can learn about financial apps that help them save money, create a budget, reduce debt, and invest. These skills can help older adults gain control of their finances and build their financial health.
Our lesson on depositing checks remotely by snapping a photo of the check from home or other locations helps older adults access their funds quickly and conveniently without visiting a bank.
Older adults also gain greater control over bill payments by mastering peer-to-peer payment services that allow them to send and receive money from others using only their mobile number or email. Using this service is as easy as downloading the right app, linking a bank account to it, selecting the recipient’s account, and entering their information.
Mobile banking is significant for lower-income older adults. Of the 56 million low- to moderate-income adults 50 and older in the U.S., only 17% are financially healthy. Financial technology can help this vulnerable population manage their finances, track income and expenses, and create a budget from home, thereby building their financial health. Mastering financial technology is especially useful for low- to moderate-income adults who want to track their income and expenses closely to avoid exceeding tight budgets.
3. Protecting yourself from financial scams
Online banking tools can also increase financial safety. For older adults, who are frequently targeted by scammers, electronic banking alerts such as text messages, in-app notifications, and emails serve as a convenient early warning system, enabling them to notify the bank promptly when they detect suspicious charges.
AARP Foundation and Chase have created a virtual workshop that outlines common online scams and how to protect against them. These include safeguarding personal information, paying close attention to the scammer's language (which often contains grammatical mistakes), and setting up banking alerts to detect potential fraud.
In this 1-minute video, we outline red flags and questions to ask yourself if you suspect an online connection is a scam.
While the pandemic elevated our reliance on technology, the increasing digitization of our world is here to stay. With the correct information, older adults can leverage technology to benefit many aspects of their lives, from staying in touch with friends and family to managing daily responsibilities. AARP Foundation and Chase are committed to providing the tools and know-how to help older adults use digital tools to improve their quality of life.
To learn more about the free resources, research and workshops available to older adults and your loved ones, please visit fintech.aarpfoundation.org.
By Lisa Marsh Ryerson, President of AARP Foundation
About Chase: Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.4 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing.
About AARP Foundation: AARP Foundation works to end senior poverty by helping vulnerable people over 50 build economic opportunity. Our approach emphasizes equitable outcomes for populations that have faced systemic discrimination. As AARP's charitable affiliate, we serve AARP members and nonmembers alike. Through vigorous legal advocacy and evidence-based solutions, and by building supportive community connections, we foster resilience, advance equity, and restore hope.
AARP Foundation and Chase sponsor this article. For more information, see How We Make Money.Â
