Financial Behavior of the Elderly in Russia in the Context of Digitization

Why do elderly make up the most financially excluded category in Russia?
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The goal of this research project was to gain an understanding of the specifics of financial behavior of the elderly in Russia with respect to their use of digital financial services (DFS) and delivery channels and to make recommendations for adapting these services and solutions to increase uptake and use by this customer segment. Specific objectives of the research include the following:

  • Apply behavioral research methods to explore specifics of the financial behavior of the elderly: their use/nonuse of financial products, services, and delivery channels; barriers to use; and potential incentives that could increase uptake and use.
  • Map specific digital products/solutions offered by the main FSPs working with the elderly (e.g., Sberbank, VTB24, and the Russian Post).
  • Study use patterns of each of these specific products and solutions (either from existing FSP data or from primary qualitative research) and elderly customers’ perceptions of these. Specific attention is paid to payments terminals and their various functionalities.
  • Explore behavioral aspects and their role as barriers or incentives for uptake and use of DFS by elderly consumers.
  • Develop recommendations on adapting existing products/solutions or developing new ones that are more customer-centric for this segment. 

About this Publication

By Aimaletdinov, T., Antonyan, S., Baymuratova, L., Imaeva, G., Tomilova, O. , Sharova, O.