Behold yet another interesting infographic…this one on the Financial Technology Habits and the Finances of Baby Boomers compliments of emoneyadvisor.com.
No surprise, this is a US survey but luckily Canadians have much in common with our friends to the South…so we think this information is likely similar to Canadian habits and estimates.
First things first. We all know that Baby Boomers (those born between 1946 and 1964) are an important demographic. How important? While Baby Boomers make up approximately 26% of the US population (82M people in the US), they represent 70% of disposable income and earn an average income of $50K or so a year. Their average net worth is approximately $727K. Further, 46% of boomers have savings or investments exceeding $50K & 20% having savings or investments exceeding $250K.
So yes. An important market and yet:
- Only 54% of Baby Boomers have a personal financial plan
- Only 34% of Baby Boomers have a comprehensive financial plan and
- Approximately 48% don’t have a financial advisor
As for emoneyadvisor’s surveyed facts on how Baby Boomers are using Technology…It turns out that this age demographic is keeping up (quite nicely) to younger generations after all. (I know I’m trying hard). Baby Boomers actually spend more money on technology than any other age group (an average of $650/month) AND Boomers have a high adoption rate for online financial management tools. 57% bank online. 35% pay bills online. 41% research financial information online. It should be of no surprise to also find that approximately 70% of this same age group buy online.
Indeed, this Infographic seems to sum it up all up and tie these survey results together quite nicely for us. …Baby Boomers are in need of financial advise and they are ready for technology driven financial applications to help simplify their lives. It makes sense to us that A financial advisor that offers a technology driven financial application will provide Advisors/Clients (or Potential Clients) a win/win scenario. But that’s only the beginning of the Win/Win.