• by Jack Loechner , Staff Writer @mp_research, May 4, 2003

Boomers Read the Paper and Watch TV for Financial Information

New research by Knowledge Networks indicates that conventional media, advisers, and financial services retain a powerful influence on how Boomers approach money management as the Baby Boom generation tries to nurture a retirement nest egg and awaits what for some will be an inheritance windfall.

The survey, developed in collaboration with the editors of American Demographics, found that among those age 39 to 57 (the Baby Boom generation), 24% say they have already received an inheritance of some kind, and 26% expect to receive a future inheritance. Nearly half (44%) of those who anticipate inheriting money from their parents say the amount will be less than $25,000, while one-third (33%) say their parents' estates will be above $50,000.

Half (48%) of Boomers have made an online purchase of some kind, and nearly one-fourth (22%) maintain an online bank account. But fewer (17%) say they have access to an online investment portfolio, and 6% have used an online broker.

In addition, Baby Boomers are relying on traditional media - primarily television and newspapers - for financial news. On a weekly basis, 41% turn to newspapers to learn about money matters; 41% turn to TV; 28%, radio; and 27%, the Internet. By contrast, 29% say they consult with family or friends about money at least once a week.

Among those who get financial information from TV at least once a week, roughly equal portions say they turn to all-news channels (62%) and to broadcast network newscasts (60%). In addition, as income and/or expected inheritance increase, consumers are much more likely to get money news from all-business TV networks.

You can find out more here.