Investor Education Centre promotes Fintech learning for elderly

Visitors at the Gerontech and Innovation Expo cum Summit can have a hands-on experience on how to use popular Fintech services

21 November 2018

  • Close to two-thirds (65%) of the mature segment surveyed have used mobile payments
  • Those who are not interested in using mobile payments cited security concerns (68%), adequacy of current payment methods (30%) and difficulty in using (27%) as top reasons
  • Close to two-thirds (61%) said they would be willing to adopt Fintech if they were given guidance on how to get started

The rapidly growing rate of financial technology (Fintech) innovation alongside the fast-growing ageing Hong Kong population makes it even more important for the older segments to be able to keep pace and benefit from new digital innovations. The Investor Education Centre (IEC) supports elderly financial learning and adoption of Fintech for better convenience and control over finances and for financial protection.

According to the IEC's Study of the Attitudes and Usage of Technology-enabled Financial Services for the Mature Segment conducted in September 2018, in a sample of 600 mature adults aged between 50 and 69, four out of ten respondents perceived new financial services enabled by technologies to be designed for the young, and not suitable for the middle-aged and older generations (43%). They also expressed concern that their choices of financial services could become limited if they were unable to cope with the development of Fintech (43%).

Among the types of technology-enabled financial services commonly available, mobile payment services was the most popular, with close to two-thirds of the respondents (65%) having used such services in the past 12 months. Usage is skewed towards the younger group of respondents (aged between 50 and 59), with 76% having used the services compared to 47% in the older group (aged between 60 and 69).

Almost half (45%) have tried dual-factor authentication, though their experience with biometric authentication, such as using fingerprint, face or voice recognition, was relatively low (18%).

Respondents who are reluctant to use mobile payment services cited security concerns (68%), adequacy of current payment methods (30%) and difficulty in using (27%) as their top reasons for not doing so.

Some 37% of all the respondents said they found technology-enabled financial services difficult to use, while 61% said they would have the confidence to try if given a demonstration and guidance, although some (14%) were still hesitant.

Mr David Kneebone, General Manager of the IEC said, “The middle-aged and more mature Hong Kongers can face unique challenges making them less inclined to adopt new technologies. They prefer human interaction, and the lack of familiarity and confidence, or learning and physical impairments can be deterrents. With the advancement of technology and introduction of new Fintech solutions, we need more elderly-friendly educational resources and also safeguards to protect elderly users from frauds and scams.”

“We believe that raising awareness and providing people with the opportunities to learn and experience is a crucial step to expose and connect the older segments of the population with technology that can help to enhance their lives,” added Mr Kneebone.

From 22 to 25 November 2018, the IEC will set up an exhibition booth at the Gerontech and Innovation Expo cum Summit (GIES) with interactive games for visitors to experience how to settle payments and transfer money via peer-to-peer mobile applications and e-wallets. Visitors can also learn about biometric authentication and how it can help address the challenge of memorising passwords. There will be information on how to guard against financial scams and tips for secure online transactions at the IEC booth.

A group of tech-savvy retirees, who are part of the IEC’s The Chin Family 3rd Age Financial Literacy Ambassador Programme and Senior Police Call Wealth Management Anti-Scam Ambassadors, will be on-site to guide their peers on the safe and clever ways to use technology for better money management.