Revolut reports a 215% increase in silver swipers – Over 55s flock to financial super app
As the pivot to financial apps accelerated during the pandemic, the number of over 55s turning to them has been no different. Revolut, the global financial super-app with more than 18 million customers worldwide and over 4 million in the UK, has seen an increase of over 215% in the number of UK users aged between 55-74 over the past two years.
85% of the UK population owns a smartphone, according to Ofcom*, and as consumers increasingly discover apps that make their lives easier, financial apps have continued to proliferate: but these are not just the preserve of the young. New data from Revolut shows that older consumers are also embracing the financial super app in significant numbers, and for myriad different uses in addition to day-to-day spending. The number of transactions by UK users aged 55-74 using Revolut has quadrupled, and an increase of around 470% in the amount spent over the past two years.
The data shows that older customers are finding fintech accessible, purchasing items and services online and in store, with the most popular merchants including post offices, cafes, and supermarkets.
As retirees take to the skies once again they’re turning to financial apps in droves, proving these fintechs aren’t just the reserve of the young anymore as everyone enjoys spending abroad without hidden fees. As travel restrictions relax, the 55-64 UK age group has seen a tenfold increase in the amount spent in foreign countries over the past two years, and the 64-75 age group isn’t far behind with an 840% increase.
However, the number is still growing since countries began to reopen borders. There has been a 260% increase in the number of 65-74 year olds spending in foreign countries, and a 500% increase in amount spent by 55-64 year olds in foreign countries by UK users year on year.
Married retirees, Paul (56) and Lynn (61) from Stockport, decided to embrace a slower pace of life by purchasing a camper van to travel around Europe for several months, including Norway, Switzerland, Portugal, and Germany. After decades of relying on traditional banks, the couple decided that Revolut cards were the best choice to aid them on their road trip.
The couple said, “In our new life stage, we were both keen to travel with ease. It would have been too difficult to rely on a bank where necessary phone calls or a trip to a highstreet branch were needed. Additionally, we wanted to stick to a budget and were worried about any hidden and ridiculous costs. There was a security concern of having cash in the van, and some countries we visited were largely cashless, so that wasn’t an option for us. We were delighted to rely on Revolut for a seamless holiday as we could spend and transfer money at great exchange rates, and no fees. The amount of money we saved meant that we could confidently travel for longer and explore even more countries.”
George Grumbar, Revolut Head of Customer Affairs, said, “Our app is incredibly user friendly, something we’re very proud of. Customers can set up a Revolut account in 60 seconds, and if they need any help, we offer a secure online chat service within the app, connecting our customers to real people.”
“Given the greater confidence in online and app-based financial services over the last two years, the confidence in using cash less, and the understanding of the security measures and fraud protection, we expect to see growing numbers of customers of all ages.”