Data & Research

Affluent Seniors a Notable Force in Online Financial Pursuits

Affluent seniors over age 70 spend nearly three times as much of their online time on financial matters as those younger.
Reported by Rebecca Moore

According to a new report by Spectrem Group, affluent senior citizens above the age of 70 are devoting 32% of their online time to financial pursuits, compared to 13% for those age 70 and younger. In addition, affluent seniors over 70 who have incomes of more than $150,000 a year are spending an even higher percentage of their online time (49%) on financial pursuits.

“Much as we might like to think of managing finances online as the sole domain of the young, affluent seniors are outsurfing them by a healthy margin… 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, in a news release.

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.

Those interested in purchasing the Spectrem report should contact Spectrem Group at 641 W. Lake Street, Suite 402, Chicago, IL 60661, (312) 382-8284 or via http://www.spectrem.com.