Show Me the Money: Online money management for seniors

Show Me the Money

HARRISBURG, Pa. (WHTM) — When it comes to our finances, many things can now be done online.

The coronavirus pandemic has made understanding how to do that even more important, especially for seniors.

“Nearly 2/3 of users who are over age 50 and who use their smartphones and electronic devices every day were not using those devices to take advantage of opportunities of financial technology,” said Lisa Marsh Ryerson, the president of the AARP Foundation.

During this pandemic, she says it’s crucial seniors learn how to use digital tools to manage their money. But for many, it’s not happening and she says that needs to change.

“I think part of it, James, is about the stigma that older adults really feel about their ability to be tech savvy and also it is the need for more resources,” Ryerson said. “Unfortunately in our society we have these stigmas that as we get older that we will no longer be able to use technology or maybe we won’t want to learn technology and nothing could be further from the truth.”

Online services including banking and grocery shopping are so important for older people right now. Lisa says the way we can help make it easier for them is very simple.

“We need to reach out to our neighbors and loved ones and show them, walk them through how to use these tools. Once we do that, we find that older adults of all ages become much more confident in using the tools, so it’s about education and empowerment.”

While teaching seniors, remember to celebrate what’s going right and have them practice often.

Don’t forget to warn them about scams and the importance of creating strong passwords.

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