Check out the latest infographic from iTOK! This month, given the tax deadline looming over us all, we took a look at how seniors are using two major online financial tools: banking and tax filing. Here’s how the survey stats shaped up:
1. Do you manage your bank account online?
51% say yes, 49% say no — a pretty even split down the middle.
2. How long have you used online banking?
It seems folks are most likely to be either a long-time user or not interested in managing finances online. However, over 40% of respondents picked up online banking within the last 5 years, so there are lots of new adopters out there!
3. What do you use online banking for?
97% use it to check balances online — which is not surprising since it’s typically the primary feature of online banking accounts.
72% use it to transfer money between personal accounts.
46% use it to transfer money to other people.
22% use it for online bill pay.
12% use it for retirement planning.
Looks like many users are taking advantage of multiple functions!
4. Would you like to monitor your bank account online?
Of those who don’t currently use online banking, 20% responded that they’d like to. The other 80% say no thanks.
5. Why don’t you use online banking?
Too complicated to use easily: 31%
Need help to set it up: 10%
Don’t own a computer or smartphone: 4%
Forgot username/password: 2%
The biggest concern, far and above any other, is privacy and security. It accounts for a whopping 80% of those who choose not to use online banking. After that, nearly 1/3 say online banking is too complicated to use easily.
Some interesting user comments we received (all respondents were anonymous):
“Online banking has had way too many ‘hacking’ and other poor security incidents.”
“I don’t trust it to be secure.”
“I don’t want to be hacked into.”
“I prefer the way I have been doing my personal business for last 70+ years.”
“I like to use the telephone.”
“I just like the old way of looking at my checkbook.”
6. Have you filed your 2014 taxes online?
7. Did you have any help during the filing process?
8. How easy was it to file your taxes online?
Easier than I expected: 24%
About as easy/hard as I expected: 67%
Harder than I expected: 9%
Encouragingly, less than 10% said it was harder than they expected to file their taxes online. Maybe we’ll see more people filing online next year!
9. Do you plan to file your 2015 taxes online?
34% say yes, 66% say no — a 10% increase over the previous year.
Thanks to those who participated in our survey! We reach out approximately once a month to our Members, and we always appreciate the response we get back.
If you’d like to chime in, take the conversation to our iTOK Facebook page, where you can like and comment on all of our latest posts.
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And finally, if you have questions about online finance or any technology device, feel free to speak with an iTOK Technology Advisor today by calling 1 (866) 515-4865. We look forward to hearing from you!
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