NEW YORK, Oct. 6, 2016 /PRNewswire/ -- Online banking use in the U.S. is on the rise, but according to a recent Federal Reserve Board report, only 18% of adults over 60 use online banking.
Lynnette Khalfani-Cox (AKA The Money Coach®) stopped by to tell us – and our older loved ones – about the benefits of banking online, and how we can take free classes to become smarter financial consumers.
In today's online banking landscape, few older Americans are taking advantage of online banking – even though it is convenient, offers enhanced control and even consumer protection. Because of these benefits, online banking use is high, even among vulnerable populations, but not among adults over 60. These older adults lag behind for several reasons: uncertainty of technology, lack of access, and safety concerns – but research from The Pew Research Center indicates that there is an appetite for digital adoption. In fact, 77% said if they had assistance, they would adopt digital technology.
Ready, Set, Bank™ is a new FREE educational tool designed to help older adults bridge the digital divide and leverage online banking to better manage their money and enhance their financial well-being. Capital One recognizes the importance of ensuring all people have the skills necessary to successfully manage their personal finances. That's why they partnered with leaders in the fields of digital learning, aging and technology – to develop Ready, Set, Bank™ - a generic, non-branded instruction tool that is easy to use, engaging, and helpful to older adults at any stage of computer knowledge.
The web-based program includes 44 micro-learning videos designed to equip older adults with the skills they need to manage their money online - like navigating mobile banking apps, creating alerts for account activity and protecting identify from fraud. Viewers can watch the entire series or select individual videos to learn new skills.
If they don't have access to computers of their own, viewers can watch the videos on free computers available at public libraries or senior centers.
Older adults lose billions of dollars each year as a result of financial scams. Online banking has the power to transform the way older adults manage their money and protect themselves and Ready, Set, Bank™ explains how. Highlights from the videos include: detecting irregular transactions, password best practices and spotting scams.
For access & information, visit readysetbank.org
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SOURCE Capital One