The older generation is known for being extremely patient with matters of finance. They would rather prefer writing down expenses and income on paper. So much so, they feel more comfortable with the idea of going to banks physically and waiting in long queues to get things done.

However, the advent and proliferation of digital platforms has transformed the way millennials – the Gen Y – deal with finance. But a downside of this digital wave is that the Gen X has been left technologically handicapped, lingering in a state of confusion.

That being said, the onus is on us to show our parents how quick and secure can transacting over the digital realm be. And here is how you should go about the job, and in the process, make them savvy with mobile transactions:

Heed their problems

Being a part of this generation, it is obvious that you take digital payments and other related aspects for granted. But you should bear in mind that the older generation might not be as savvy. So much so, that something as commonplace as an email ID could be novelty for them. Hence, the key here is patience – something that you should bring to the table while trying to bring your parents up to speed with mobile transactions. The ideal approach here is to fashion the basics in a manner that they are comfortable with, rather than using jargons and sticking to your own pace.

Offer hands-on guidance

While getting started, the first thing your parents would need is a clear understanding of how online portals operate. Help them set up an internet-banking facility. Guide them through the process of transferring a small amount to your account, for the sake of practice. Next, tell them about how they can check their account balance on the go, and replenish it, if need be. This way, your parents would be able to get a firm handle on the basics, following which, it would be easier for you to take things forward.

Inform about pertinent safety concerns and show them how to stay secured online

Things that may sound pedestrian to you, might still be new for your parents. Intimate them about simple security processes such as not sharing their password, PIN or OTP with a third-party. Liken the situation to simpler examples, something like that the password is akin to keys to a locker, and how it can be misused by somebody with malefic intent should they be able to lay their hands on it. Making things relatable will certainly help in this regard.

Show them how quick and simple going mobile can be

It may be a good idea to show your parents how fast they can accomplish a particular task with the help of mobile banking, something that would’ve otherwise taken hours. Make them sit with you while you pay the electricity bills online or open a fixed deposit account, for that matter. Taking things slow and clarifying the basics first is the best way to get your parents take to mobile transactions. At the same time, be patient with their queries, for chances are they might be having a lot of them.

Learn more about Mutual Funds for a good personal financial management.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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