Affluent Seniors Rely on Internet More than Younger Adults

CHICAGO, January 15, 2008 /PRNewswire/ — Think you have to be 21 years old to do your finances online?

Affluent senior citizens above the age of 70 are devoting a far higher percentage of their online time (32%) to financial pursuits than those age 70 and younger (13%), according to a new report by Spectrem Group, "Online Tools: Affluent Use of Provider Web Sites," released today. That's a difference of nearly three times.

Further, affluent 70-somethings who have incomes of more than $150,000 a year are spending an even higher percentage of their online time (49%) with financial pursuits.

"Much as we might like to think of managing finances online as the sole domain of the young, affluent seniors are out-surfing them by a healthy margin. The numbers are particularly noteworthy for affluent 70-somethings with high incomes of more than $150,000 a year. Financial services providers would be wise to take this into account when designing new online features and content, lest they risk alienating this important group of affluent investors," said Catherine S. McBreen, Managing Director of Spectrem Group and co-author with Spectrem President George H. Walper, Jr. of the new book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008).

The Spectrem report, "Online Tools: Affluent Use of Provider Web Sites," is based on a survey of over 500 affluent investors, defined as those with more than $500,000 in investable assets, conducted in August and September 2007. The data have a margin of error of plus or minus 4.3 percentage points.

Source: Spectrem Group

Posted by Mark Rodrigues at 1/16/2008 7:12 PM
Categories: wealth marketing
 

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