People over 55 continue to deposit money in current accounts (96%) and savings accounts (92%). This emerges from Roularta Research's major bank survey conducted between April and May 2018 among readers of Knack/Le Vif, Plus Magazine, Trends & Sport/Voetbalmagazine. This survey identifies the financial profile of Belgians and examines their relationship with their bank.
Belgians continue to save, also those over 55. Not surprisingly, traditional saving accounts are one of the most popular financial products in the survey. Their money must also be profitable: one out of two people invests in funds.
The survey shows that people over 55 are more loyal to their bank than younger generations. 25% have switched banks in the last 5 years, or have become a customer of a new bank (compared to 54% of respondents younger than 35).
Mobile banking is not only for young people: older people are also increasingly in favour of mobile applications. No less than 3 out of 4 55+ do most of their banking online or via mobile banking. 75% own a smartphone and almost half of them have installed their bank's mobile application. 1 out of 3 uses this application several times a week to make a payment.
Despite the increasing use of mobile applications, a quarter of baby boomers still visit their bank office monthly or even more often. 97% find it important to still be able to have personal contact with their bank if necessary. They not only come to withdraw money from the ATM (70%), but also to ask for advice on investments (41%).
In addition to personal contact, people over 55 find it important that their bank treats their data confidentially (98%) and that they are transparent about costs charged (98%). They also attach great importance to the expertise of their bank (92%).
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Source: Roularta Research, Bank Survey 2018.