Baby Boomers Managing Finances Online

22 May 2003

A recent report from Knowledge Networks indicates that while online banking accounts are popular among Baby Boomers of varying income levels — 16% of those making less than $35,000, 24% of those making between $35,000 and $75,000 and 30% of those making more than $75,000 report having them — a much smaller percentage of each income level has online brokerage accounts.

Baby Boomers making over $75,000 claim the highest percentage of Internet brokerage accounts with just 14% of the segment.

Knowledge Networks surveyed 1,200 Baby Boomers — adults between the ages of 39 and 57 — in the US in conjunction with American Demographics. The company also reports that just 8% of Baby Boomers in the US turn to the Net every day for financial news, while a greater 73% say they go online less than one to two times per week for financial news. Looking specifically at online financial news interest in terms of annual income, Knowledge Networks determines that 13% of US adults between the ages of 39 and 57 with annual income higher than $75,000 refer to the Net every day for financial news.

Putting the Knowledge Networks findings into greater perspective, Forrester Research reports that as of the end of 2002, 70% of Baby Boomers in North America between the ages of 48 and 57 have a computer and 64% are online.

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