Older adults report higher confidence using fintech, Lloyds says

Lloyds Bank published research in August 2026 showing 76% of 18– to 24‑year‑olds have used AI for personal finance, while only 64% of digital-tool users in that age group reported confidence making financial decisions. By comparison, 85% of 65–74-year-olds who use digital tools said they felt confident.

Lloyds reported older customers are combining financial experience with technology to support decisions on budgeting, insurance and mortgages. The bank’s data show 47% of 55–64-year-olds and 35% of 65–74-year-olds have used AI for personal finance.

Use of AI varies by age and purpose. Two-thirds of 25–34-year-olds said they used AI for budgeting and planning. About 28% of 35–44-year-olds used AI for mortgage advice, and 57% of 55–64-year-olds used AI tools to compare insurance products.

Among people aged 75 and over who use digital tools, roughly one third reported a positive outcome from using technology for finances.

A separate survey by TSB found an average loss of £3,000 to investment fraud originating on social media. TSB reported that among people who acted on financial advice from social platforms, 56% lost money and the average loss was about £700.

TSB’s data showed 25–34-year-olds were the most likely to act on social media financial advice and were the most likely to use AI for advice. Half of that age group said they had used AI for advice in the past year; 27% used it for savings guidance and 18% for investments.

TSB also reported that 49% of respondents said social media finance content made them feel pressured to improve their finances, and 33% said it led them to consider changing their financial goals or career plans.

Lloyds reported employees have completed about 400,000 AI training courses since January, a programme the bank says supports better customer guidance given growing fintech use.

Jas Singh, chief executive of consumer relationships at Lloyds, commented: ‘Younger people have grown up with technology, which is a great start for making the most of digital tools to manage money, but confidence with money is something that’s built over time — and it’s the combination of the right tools and knowledge that is the real sweet spot for financial empowerment. Younger people bring digital confidence and curiosity, while older generations bring experience and financial know-how.’