It's the software updates that's the problem. Apple aren't too bad, but their hardware support only seems to last 7 years.

The S7 you mention lasted 4 years, and received the last patch in 2020.

Not convinced that doing online banking on a phone that hasn't had software updates for 5 years is a good idea.

It's definitely a bad idea but people hate being coerced into spending $500+ just to continue doing what they already do.

A lot of us the techies can be strong-armed via FOMO and other tropes but good luck convincing the elderly neighbors.