In fact, they spend more money on technology than any other age group and are right up there with the younger generation 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 IS AN UNIQUE AGE GROUP THAT ARE READY FOR TECHNOLOGICALLY DRIVEN FINANCIAL APPLICATIONS IN ORDER TO SIMPLIFY THEIR LIVES.
WHO ARE THE BABY BOOMERS? Boomers are the 49 to 67 year old, having been born between 1946 and 1964. All told, the 82 million boomers make up 26% of the U.S. population.
THE BOOMERS ONLINE: The baby boomers generation launched the Internet and tech revolution, so it’s no surprise they’re a huge online presence.
75% to 80% of all boomers use the Internet
71% of all boomers are online daily
64% have broadband at home
20% regularly use mobile Internet
70% of Boomers buy online spending over 7 billion annually.
87% Use search engines
81% Research products online
73% Get news online
61% Are on social networks
59% Watch videos online
35% Rate products,service or people online
26% Read blogs
18% Download podcasts
09% Use online video chat
Online money management:
57% Bank online
35% Use online billpay
41% Use the Internet to research financial Institutions
Cellphones and Computers:
As both parents (and grandparents) and children themselves, baby boomers have ample reasons to stay connected.
86% Baby Boomers own a cellphone
29% Baby Boomers own a smartphone
66% Baby Boomers text message
18% Baby Boomers download Apps
BABY BOOMERS SPEND AN AVERAGE OF $650 A MONTH ON TECHNOLOGY
Tablets, Laptops and Desktops:
29% of all tablet owners are Boomers. With 74.1 million tablet users in the U.S., that is around 21.5 million tablet-owning Boomers
The three most popular tablets by percentage of tablet owners:
62% own an iPad
28% own a Kindle Fire
13% own a Samsung Galaxy
Baby Boomers make an average $50,011 per year and represent 70% of disposable income. But more than half have financially helped support adult children who are out of school and one in seven takes care of a parent or family member. They are in a financial tug of war.
SAVINGS AND RETIREMENT
Baby Boomers average net worth is $727,000
46% of the Boomers have savings and investments over $50,000
20% of the Boomers have savings and investments over $250,000
60% of the Boomers have retirement accounts
40% of the Boomers believe they will need to delay retirement in order to afford the lifestyle they want