Robo-advice transcends age stereotypes: Sargon

Users from right across the age spectrum are embracing robo-advice, breaking “tired stereotypes” around age and digital engagement, according to fintech Sargon’s research into usage of its digital advice platform.

Robo-advice transcends age stereotypes: Sargon

Adrian Flores

Last Updated: 20 December 2019 Published: 19 December 2019

The “Digital Insights” report from advice fintech Sargon revealed that this year’s usage data showed users ranging from teenagers to octogenarians using its platform.

According to the report, 50-to-60-year-old Australians remained the most frequent users, accounting for 27 per cent of total users.

The report also found that 46 per cent of the platform’s users were aged between 35 and 54, compared with an industry average of just 26 per cent.

Further, it found that 30 per cent of users were seeking advice for the first time.

Sargon chief executive Phillip Kingston said it is striking that its digital advice platform is used by all segments of the Australian population.

“Tired stereotypes do not apply here. Older Australians have no issues using digital technology, while younger Australians will engage with their superannuation,” Mr Kingston said.

“This year’s report clearly shows that improved financial literacy and engagement will very likely lead to improved retirement outcomes for Australians.

“Superannuation is one of Australia’s greatest national assets. Improving financial literacy and engagement represents a simple yet powerful way to not only improve retirement outcomes for members, but to secure the future wealth and prosperity of Australia.”