Revolut has released new data about a significant number of over 55s turning to the FinTech app.
In Brief:
Revolut has released new data outlining a 215% increase in its users aged 55-74 in the past two years, and a 260% increase of 64-75 year olds.
Spending by these groups has increased by 470% since 2020.
It was also noted that the amount spent by UK 55-64 year olds in foreign countries has increased by 500% year on year.
What does this mean?
Revolut says it’s had an increase in customers from the over 55 demographic especially when it comes to using its app for trips abroad and managing money while on holiday post-Covid-19 restrictions. The firm has put these figures down to the ease of use of its app as well as the general growth in confidence among users when it comes to app-based financial services.
