Boomers With Bucks Use Internet Brokerage Accounts
According to eMarketer, a 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.
Knowledge Networks in conjunction with American Demographics surveyed 1,200 Baby Boomers -- adults between the ages of 39 and 57 -- in the US. The company 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, the report says 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.
Baby Boomers making over $75,000 claim the highest percentage of Internet brokerage accounts with just 14% of the segment.
Boomer Online Financial Accounts in 2003 by Income (% of respondents)
| <$35,000 | $35-75 | $75+ | Total | |
| Online bank account | 16% | 24% | 30% | 22% |
| Online Brokerage account | 1 | 6 | 14 | 6 |
| Online access to other Investment portfolio | 5 | 20 | 30 | 17 |
Source: KnowledgeNetworks/American Demographics, May 2003
Boomers Online (ages 39-57) for Financial News, 2003 (% of respondents)
| White | African-American | Hispanic | Total | |
| Every day | 8% | 7% | 3% | 8% |
| 2-4 times/wk | 7 | 10 | 23 | 9 |
| 1-2 times/wk | 10 | 13 | 13 | 10 |
| Less often | 75 | 69 | 62 | 73 |
Source: Knowledge Networks/American Demographics, May 2003
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.
Boomers and Seniors in North America, 2002 (% of respondents)
| Boomers (48-57) | Seniors (58+) | |
| HH Income | $60,843 | $43,687 |
| College degree | 36% | 24% |
| Have computer | 70 | 55 |
| Have mobile phone | 56 | 41 |
| Have PDA | 7 | 2 |
| Are online | 64 | 45 |
| Have broadband at home | 17 | 12 |
Source: Forrester Research, Dec 2002
You can find out more here.
JACK LOECHNER
Center for Media Research
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