More than half of people aged over 55 now use tech to better budget
More than half (51%) of people aged 55+ say apps now help them manage their money, dispelling the belief that tech is solely the reserve of younger generations.
In addition, over three-quarters (76%) say they would proactively manage their finances via an app or online portal if they were given the option by their bank or finance provider.
New research commissioned by debt resolution specialists, DCBL reveals that older generations are actively engaging with modern software to settle debts, with 84% of those aged 65+ saying that digital technology helps them feel in control of their money.
A fifth (21%) of the same age group say they use technology to view upcoming payments and review terms, while a further 12% like the ability to see how much money they owe at a glance.
Over 53% of respondents aged 55+ also say that they trust mobile apps more than SMS, email, phone call, or physical letters for making payments, whilst 34% of those aged over 65 also considered this channel to be most trustworthy.
The findings have led to the development of a DCBL app, which has been designed with a user-friendly interface to facilitate debt payment and money management solutions.
The app also offers accessibility to customer support teams via phone, email, or instant message, so customers can get in touch whenever they like by their preferred communication channel.
DCBL Group Strategy Director, Lee Samuels-Camozzi, said: “These findings shatter long-held beliefs that only young people use technology to organise their lives and finances. Our latest research reveals that older generations are engaging with tech in greater numbers to manage their finances. It highlights the importance of having the option available to them. It means that people can get information at the push of a button at any time of the day or night.
“Technology now touches almost every part of our lives and every generation has some level of digital literacy.
“By offering self-serve options like an app, we can see customers are more likely to engage with us, update their billing information, and pay their outstanding balances at a time that suits them.
“We understand that some still prefer to use more traditional means to communicate about payments, which is why we maintain traditional channels like telephone and physical letters, while using innovative new technologies like WhatsApp and our own smartphone app.
“The more we support our customers to better manage their money, the faster we can help to take the stress out of debt.”
The DCBL app is available to download on the App Store and Google Play.
Download the DCBL Customer App here: apps.apple.com/gb/app/dcbl/id6496310875?uo=2
To find out more about DCBL’s research into financial wellbeing and debt resolution, visit its Tackling Credit in 2025 hub here: dcbltd.com/tackling-credit-in-2025/