January 28 is International Data Privacy Day, and Provident Financial Ltd. wishes to raise awareness among older people of the importance of online consciousness, the lack of which can have financial consequences.
Over the past 10-15 years, the digital revolution has fundamentally changed the lives of the older generation. They don't have to wait hours at the doctor's office for a prescription, they can pay their utility bills with a few clicks, and they can easily make a video call to check on their grandchildren at any time. As well as its many positives, digitalization also brings new and previously unknown threats.
The number of active internet users in Hungary in the 55-74 age group has almost doubled in eight years, according to the Central Statistical Office's publication Situation 2023: in 2015, 41.6% of the age group used the online space, while in 2023, 77.8% of them were regular visitors to the web. Nearly half of those surveyed said they spend 1-2 hours online a day, and one fifth spend up to 3-4 hours online with a smartphone, tablet or computer. The research also shows that while only 24% of 65–74-year-olds used online banking services in 2013, ten years later 50% were open to digital money management.
Thanks to the widespread use of smartphones, online presence has become an essential part of everyday life in recent years, and older people are increasingly receptive to online solutions, but unfortunately, cybercrime targeting them is also on the rise. According to the 2024 joint research by the National Media and Communications Authority and the Data Driven Marketing Association, the most common forms of fraud that seniors have heard about are phishing newsletters, fake product offers and sweepstakes, misleading bank or service provider phone calls and investment offers, and 10-13% have experienced these in person.
"As a responsible financial services provider, it is of paramount importance to us to provide solutions to our customers' real problems. This is also the aim of our Senior Academy program, which provides seniors with useful financial and health knowledge to help them make informed everyday decisions. As part of the program launched in the autumn of 2023, we have so far held a series of educational events to reach out to a generation whose life starts have not yet been influenced by digitalization or financial education." That is according to László Sulyok, Senior Commercial and Customer Experience Manager of Provident Financial Ltd. A little caution and a few precautions can go a long way in helping seniors feel safer in the online space, he adds.


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