There are plenty of places that offer cheap phones for the poor
https://www.reviews.org/mobile/how-to-get-free-government-ce...
All Android phones have shitty long term support - even the Pixels.
Of course iPhones are a different story with Apple releasing a security update for the 2013 iPhone 5s as recently as June of this year. But I’m not going to suggest an iPhone as an alternative.
On the other hand, developing countries manage with $30 unsubsidized phones and people use them for banking.
Maybe you shouldn't, but in terms of pure ability you perfectly well can. (And somewhat ironically, if you take matters into your own hands and update the OS yourself, quite a few banking apps will then refuse to run for "security reasons", while at the same time they're absolutely happy to run on an outdated OS version.)
I purchased a pair of docs for about 300$, 10 years ago. Still wear them as my day to day shoes/boots.
Just a few of those factors might not be so bad but with all of them it could become impossible to do legally-required things like buying car insurance without being effectively legally required to look at Google ads. Or renewing your passport without agreeing to a software EULA that forbids you from ever suing Apple for leaking your private data. All of this "it's just opting in to societal progress" crap is why Experian even ever had your data to leak[1] it in the first place, and why Google and Braze and every other tech company has it too.
0: https://i.imgur.com/dgGvgKF.png 1: https://threatpost.com/experian-api-leaks-american-credit-sc...