Boomers Want Technology Too!

It’s no secret that millennials and other young workers today value technology in terms of helping them manage their financial affairs. However, the value that savers place on technology is not limited to young savers. In fact, Boomers are seeking out and incorporating technology into their financial lives at an increasingly rapid rate… a fact that numerous studies and surveys have found.

In one recent survey, 66% of Baby Boomers said that mobile apps and tools were either important or very important to managing their retirement savings. Coincidentally, that was exactly the same percentage as millennials who felt the same way. In the same study, more than half of Boomers surveyed placed a high value on the use of technology to help them gauge when they will be able to retire and how much income they can expect.

In a separate survey, more than two-thirds of Boomers surveyed thought that informative emails about relevant topics would be very or somewhat helpful in helping them achieve their retirement goals. Similarly, roughly half of Boomers felt similarly about mobile apps to manage accounts, as well as mobile apps to project retirement savings and income needs.

So what does all of this mean?

We’re a long way removed from the days of images of fumbling old people pecking away at keys feverishly trying to figure out how “this Google thing works.” Today’s pre- and post-retirees are increasingly tech-savvy and advisors who want to remain relevant with all generations – including boomers – are going to have to embrace the financial tech revolution. That said, while significant numbers of Boomers are full-throttle on technology, there remains a meaningful segment of the population that remains more traditional. As such, advisors looking to have the maximum impact with Boomer clients are going to have to adopt split communication practices; apps, emails and the like for tech-savvy clients, and printed versions of similar information for more traditional clients.

Similarly, today’s Boomers need to make sure they become more tech-savvy if they want to continue to be on the forefront of retirement information. Will there be ample opportunities to learn more traditional ways? Sure, but today information flows quickly, and becoming tech-savvy can help anyone preparing for retirement stay on the leading edge.