Tuesday, 19 March 2019
Maybe you've heard that Baby Boomers are technophobes who are reluctant or unwilling to adopt digital tools that could improve their lives.
Turns out that's just not entirely accurate, especially when it comes to digital banking.
More financial institutions are marketing online tools to the Boomer generation, which will be the wealthiest generation until at least 2030. And more Boomers - people born between 1946-1964 - are jumping on the digital banking bandwagon. According to the American Bankers Association, about 71 percent of Boomers in the United States use online banking services once a week.
That said, Boomers are still warming up to mobile banking. The ABA found that just over 18 percent of consumers over 61 use their smartphone to monitor accounts, or perform banking tasks, perhaps because of security concerns. According to the ABA, Boomers are the top demographic target for fraud, reporting losses of $2.9 billion annually.
Because Boomers represent a growing market for existing and new financial technology, many large financial firms and other businesses have launched educational efforts designed to alleviate concerns about privacy and safety.
If you are among the more cautious Boomers who have yet to fully embrace digital banking, here are a few online tools worth considering:
While digital financial tools can be intimidating, the convenience they provide is undeniable. Talk with your banker or a trusted financial advisor about what digital banking tools may be useful for you and whether it's worth exploring.
The content provided is for informational purposes only. Neither BBVA Compass, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial advisor about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA Compass or any of its affiliates.
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