When the Bank Branch Closes: Digital Finance and Older Adults in Slovenia
PALADIN partner Simbioza Genesis examines how Slovenia's rapid shift to mobile banking is reshaping the financial landscape for older adults -- and why digital literacy is the key to ensuring no one is left behind.
Ljubljana. In Slovenia, 76 per cent of internet users now manage their finances through a mobile banking app — twice the figure from just five years ago. Bank branches are closing, especially in rural areas, and the smartphone has become the de facto front door to personal finance. For younger generations, that shift barely registers. For many older adults, it changes everything.
A new article by PALADIN partner Simbioza Genesis takes a close look at what this transformation means in practice — and what it will take to make sure older citizens can navigate the digital financial world safely and confidently.
A Country in Transition
Slovenia is not among Europe’s fastest digital adopters, but the gap is narrowing quickly. According to the European Central Bank and Eurostat, 78 per cent of EU internet users were active online banking users in 2023, with 65—70 per cent using mobile banking. While Scandinavia and the Netherlands lead with over 90 per cent, Central and Southern European countries like Slovenia are catching up fast.
The consequences are tangible: physical bank branches are disappearing, particularly in rural communities where many older adults live. Banks see digital channels as sufficient; for those without the skills or confidence to use them, the loss of a local branch can mean losing access to basic financial services altogether.
The Numbers Tell Two Stories
On one hand, progress is real. Users over 50 already account for more than a quarter of all mobile banking users in Slovenia, a share that is growing rapidly. Mobile apps are no longer the exclusive domain of the young.
On the other hand, research consistently shows that financial literacy among older adults remains low. Many have limited knowledge of modern financial products, which makes them more vulnerable to scams — and less likely to take full advantage of the tools available to them. According to Europol, as much as 80 per cent of online financial fraud targets people over 60. The most common threats: fraudulent bank emails, fake phone calls from supposed financial advisors, and counterfeit websites.
Security Is Strong — But Trust Must Be Earned
One piece of good news: Slovenian banks score above the European average on security, employing two-factor authentication, biometrics, encryption, and security certificates. Language barriers further reduce the rate of banking fraud compared to larger EU countries.
Yet strong infrastructure alone is not enough. Research shows that many older adults prefer to avoid digital platforms altogether, perceiving them as complex or risky — sometimes without a clear reason. Building confidence requires more than secure systems; it requires education, practice, and support.
What Simbioza Is Doing About It
At Simbioza Genesis, the response is hands-on. The organisation runs digital literacy workshops specifically designed for older adults in rural communities — the very places where branch closures hit hardest. Participants learn to use digital banking tools safely, with a focus on recognising fraud, understanding privacy settings, and building practical confidence step by step.
These workshops will also form part of the PALADIN project’s wider curriculum. The Erasmus+ funded initiative aims to equip Baby Boomers and Generation X with the skills to manage digital financial risks, combining education, user-friendly service design, and intergenerational support.
The Bigger Picture
Financial literacy is not a nice-to-have — it is essential for older adults to live safely and independently. As the article concludes: more education, more accessible digital services, and stronger intergenerational support networks are needed to ensure that the digital transformation of finance becomes an opportunity for everyone, not a barrier for the most vulnerable.
The full article is available for download below.
The PALADIN project is co-funded by the European Union through the Erasmus+ Programme (KA220-ADU). Views and opinions expressed are those of the authors and do not necessarily reflect those of the European Union or the European Education and Culture Executive Agency (EACEA). Neither the European Union nor EACEA can be held responsible for them.