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Most adults still value a physical bank or credit union. That’s what a recent AARP Research study on Age-Friendly Banking uncovered when it surveyed two groups of adults — ages 18–49 and

50-plus — to understand how well banks meet the unique needs of customers as they age. Of those surveyed, 85% of adults 50-plus are more likely than younger adults to bank in person to make

deposits or withdrawals, cash checks, and check their balances. They’re also more likely to go into a bank or credit union to interact with a teller or banker they know (26%) or for social

interaction (24%). Meanwhile, 75% of those 18–49 use a physical bank or credit union, but only 13% acknowledge using a specific teller or banker, and 7% bank in person for social engagement.

CUSTOMER SERVICE AND BENEFITS ARE KEY Most of those surveyed stay with their financial institutions and seldom switch to others. However, 40% of those 18 to 49 and 36% of those 50-plus have

changed financial institutions. This largely was due to wanting better customer service and benefits. Other top reasons for switching include moving to another area and greater convenience.

FRAUD VICTIMIZATION Two in five respondents reported losing money from a financial account due to fraud, theft, or scam. The amount of loss was typically $1,000 or less. About three in four

respondents indicated their bank was somewhat or very helpful in resolving their fraud issues. Still, consumers want their banks to provide more protections with automatic alerts,

reimbursements, and temporary holds on questionable transactions. P2P PAYMENT SERVICES When asked whether person-to-person (P2P) payment services are more prone to fraud, responses were

split. Those 18–49 are more likely than those 50-plus to use P2P services, such as PayPal, Cash App, Venmo, Zelle, Apple Pay, Google Pay or another service. Most use P2P services to send

money to a relative or friend, give money as a gift, buy groceries, pay for dining, pay for clothing, and pay for living expenses. Two-thirds of P2P users 18–49 who have experienced fraud

say they lost money, compared to 45% of those 50-plus. While that amount is typically $1,000 or less, the older group is nearly 20% more likely to want P2P companies to take stronger action

to protect against fraud; 62% of the younger group say they are satisfied with how the P2P service handled their issue. ONE IN FOUR ADULTS IS A FINANCIAL CAREGIVER The survey shows

widespread interest in banking services that would help financial caregivers support their loved ones. Financial caregiving is more common among adults 18–49 (32%) than those 50-plus (25%).

Planning for future situations, meanwhile, does not appear to be a strength. Fewer than half of respondents say they have arrangements in place for help with their own finances in case they

can no longer manage them: 43% of the 50-plus group vs. 23% of those 18–49. Adults 50-plus are 20% more likely than those 18–49 to want financial institutions to provide better protection

against fraud and scams, notify them of unusual account activity, and allow access to view a loved one’s account online. KEY TAKEAWAY The two groups’ responses suggest banks, credit unions,

and other financial institutions should further adopt age-friendly policies, including employing practices to inform and educate customers about financial exploitation, adequately train

front-line employees to look for suspicious activity, and implement more robust, automated systems to alert customers of fraudulent activity. METHODOLOGY The AARP Research Age-Friendly

Banking study was conducted by landline and cellphone among a sample of U.S. adults 18 and over (48% male, 51% female) from June 13 to July 5, 2023. These data are weighted by age, gender,

race/ethnicity, education, and region according to U.S. Census Bureau 2020 five-year American Community Survey statistics. Sample: n=2,014, evenly split between 18–49 and 50-plus. For more

information, please contact Alicia Williams at [email protected]. For media inquiries, please contact External Relations at [email protected].