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Financial Tech Habits of Baby Boomers

FINANCIAL TECH HABITS OF BABY BOOMERS BABY BOOMERS AREN'T IN THE TECHNOLOGICAL DARK AGES. In fact, they spend more money on technology than any other age group and are right up there with the younger generations when it comes to savvy. Along with driving technology through purchasing power, baby boomers have shown high adoption rates of online financial management tools. IT'S A UNIQUE AGE GROUP THAT'S READY FOR TECHNOLOGICALLY DRIVEN FINANCIAL APPLICATIONS TO HELP SIMPLIFY THEIR LIVES. WHO ARE THE BOOMERS? 1930 40 50 "60 70 "80 06. "00 2010 Boomers are 49- to 67-years-old, having been born between 1946 and 1964. All told, the nearly 82 million boomers make up 26% of the U.S. population. 26% [82 MILLION PEOPLEJ ae Day [AGE 671 [AGE 491 THE BOOMERS ONLINE The baby boomer generation launched the internet and tech revolution, so it's no surprise they're a huge online presence. 75-80% ITERNET CONNECTED OF ALL BOOMERS USE THE INTERNET ONLINE EVERYDAY 64% HAVE BROADBAND AT НОМE 20% REGULARLY USE MOBILE INTERNET INTERNET LITERATE 10 20 30 40 50 60 70 80 90 100 87% Use search engines 81% Research products online 73% Get news online 61% Are on social networks 59% Watch videos online 70% 35% Rate products, services or people online 26% Read blogs OF BOOMERS BUY ONLINE. 18% Download podcasts Use online video chat SPENDING OVER $7 BILLION ANNUALLY ONLINE MONEY MANAGEMENT 57% 35% 41% BANK ONLINE USE ONLINE BILL PAY USE THE INTERNET TO RESEARCH FINANCIAL INFORMATION CELL PHONES & COMPUTERS 29% As both parents (or grandparents) and children themselves, baby boomers have ample reason to stay connected. OWN A SMART PHONE CELL PHONES 86% OF BOOMERS HAVE A CELL PHONE 66% TEXT MESSAGE 28% 25% 22% 13% 13% 18% DOWNLOAD APPS Blackberry Apple Android Windows Other TABLETS, LAPTOPS AND DESKTOPS BOOMERS ON AVERAGE SPEND OF TABLET OWNERS ARE BABY BOOMERS. $650 A MONTH With 74.1 million tablet users in the 29% U.S. that's around 21.5 million tablet-owning boomers. ON TECHNOLOGY The three most popular tablets by iPad 62% Kindle 28% percentage of tablet owners* Fire 65% OF BOOMERS OWN Samsung Galaxy 13% DESKTOP COMPUTERS 46% OF BOOMERS OWN LAPTOPS FINANCES Baby boomers make an average of $50,011 per year and represent 70% of disposable income. But more than half have helped financially support adult children that are out of school and one in seven takes care of a parent or family member. They're in a financial tug of war. SUPPORTING ADULT CHILDREN CARING FOR FAMILY MEMBER --------------- $50K AVERAGE INCOME 10 20 30 40 50 60 70 80 90 100 54% Have a personal financial plan 48% Don't use a financial advisor 34% Have a comprehensive estate plan 76% Own a home 65.5% Carry a mortgage 58% Of boomers' investments are in stock market ------***- 15% Of boomers' investments in bond market 51% Own mutual funds 83% Use credit cards Those 83% owe $7.600 on their credit cards on average SAVINGS AND RETIREMENT BABY BOOMERS' AVERAGE NET WORTH IS $727,000 20 40 60 80 100 % OVER $50K 46% OF BOOMERS HAVE SAVINGS AND 100 INVESTMENTS TOTALLING OVER $50,000 80 -20% OF BOOMERS HAVE SAVINGS AND 60 INVESTMENTS TOTALLING OVER $250,000 40 60% of boomers have retirement accounts 20 40% believe they will need to delay retirement to afford the lifestyle they want. BOOMERS ON AVERAGE SPEND $650 A MONTH ON TECHNOLOGY AND ARE IN NEED OF FINANCIAL ADVICE. FINANCIAL ADVISORS NEED TO MEET BOOMERS WHERE THEY ARE IN THE ONLINE AND MOBILE WORLD. eMoney Advisor Written by Jens Odegaard. Designed by 8 S.BLATTINDESIGN "percentages don't add up to 100 because some tablet owners own more than one type of tablet. Sources: ( 1 in 5 use mobile internet), http://www.investopediacom/terms/b/baby_boomer.asp#aczz2laGXBWrJ (boomer definition), http://pewinternetorg/Presentations/2012/Mar/Baby-Boomer-Summitaspx (64% have broadband at home), (online everyday), http://pewinternetorg/Presentations/2012/Mar/Baby-Boomer-Summit.aspx (29% total own a smartphone), http://pewinternetorg/Fresentations/2012/Mar/Baby-Boomer-Summitaspx (18% download apps),, (smartphone by OS), (spend more on tech than other generations, 66% text), (81% research, 70% buy, 73% news 55% banking), http// ($7 billion annually), ($7600 credit card debt, carry a mortgage), http://www.census.gow/hhes/www/income/data/historical/people/ (S50,011 income average-Table P-10), ($5.6 trillion in retirement accounts), (38 minutes on computers), (46% use online bank, 35% use online bill pay), (59% watch videos online, read blogs, get financial info, bank online, download podcasts, rate things), campaign=newsletter&utm_sourceemc&utm_medium=textlink (29% of tablets owned by boomers), 2-Jun12_Public)pdf (74.1 million tablet users), 2-Jun12_Public,pdf (62% of tablet owners own iPad, Fire, Galaxy), (96 use online video chat), (26% of U.S. population are baby boomers), 4919.html (48% don't use a financialadvisor, 40% delay retirement), (54% of boomers have a personal financial plan, finandal advisor, estate plan, life insurance, online theft, personalized benchmarks), http://www.census.gow/main/www/popclockhtml (US. population), (less than $100,000 saved), html#acz2)hjSaoch (baby boomers 70% of disposable income), http://www.ncpaorg/pub/st341 (more than halfhelp pay for kids finances), (spend $650 month on technology), (76% own a home), (83% use credit cards), (58% investments in stock market, bond market), (51% own mutual funds), (savings >$ 10,000etc), ($727,000 net worth, 60% have retirement accounts), http://www.pewsocialtrendsorg/2010/12/20/baby-boomers-approach-65-glumly/,,, CREDIT INVESTMENTS 9NISNOH PLANNING

Financial Tech Habits of Baby Boomers

shared by ShannonLattin on Mar 15
Baby boomers aren't in the technological dark ages. They are adopting new technology at an extremely high rate and are 82 million strong.


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