Seniors Are Among the Top Technology Consumers
Updated on Jan 22 2019
A new report from AARP has found that today’s seniors are among the top technology consumers, challenging the assumption that seniors rely less on technology than younger generations. Learn more about technology consumption among seniors and how technology can be a crucial aspect of financial planning to contribute to building retirement wealth.
Baby Boomers have started a revolution in nearly every other aspect of their lives, from civil rights to gender equality and senior living. It’s clear that this generation of seniors is like none before. Learn how seniors are embracing technology in not only every day life, but also with their finances.
AARP Report Shows Increasing Tech Use Among Seniors
An online survey conducted by the AARP gathered data from over 1,500 Americans age 50 and over, and found that technology is a central part of life for seniors in America. The survey projects that by the year 2030, nearly 132 million Americans over the age of 50 will spend at least $84 billion a year on technology products. In 2018, adults over the age of 50 spent an average of $639 on technology.
The survey also found that:
- 91 percent of adults 50 and over use a computer
- 94 percent say technology helps them stay connected with friends and family
- Over 80 percent of seniors between the ages of 50 to 64 have smartphones
- Nearly 25 percent view advanced driver assistance technology as important
- About 50 percent own a smart television
- 23 percent take advantage of online classes and education
- A growing number (13 percent, up 4 percentage points from last year) use virtual reality technology
- One in seven own a home assistant, like a Google Home or Amazon Alexa
Using Technology for Financial Success
While 94 percent of seniors surveyed said technology helps them connect to connect to family and friends who are geographically distant, many seniors also use technology for financial planning. The truth is that technology, when used safely and correctly, can contribute greatly to financial success.
Technology can help seniors seamlessly and effortlessly transfer money into savings and investment accounts. Seniors can automatically set aside funds for the future without having to manually transfer a dime. That automated transfer eliminates forgetfulness or hesitation, avoiding the temptation to skip a month or put money for retirement in another account.
Financial apps are another way seniors can access their financial data and make informed financial planning decisions. They can monitor spending, budgeting, and even help hold people accountable when it comes to contributing to a retirement account.
While technology can make financial planning easier, it can also open seniors up to financial scams if they are not careful. As technology use among seniors increases, so does the opportunity for financial scams. The survey from AARP found that fewer than one in four of adults over the age of 50 trust online retailers, the federal government, and telecom service providers, among others. Nearly one in five surveyed say they have low confidence in their safety online.
Fiduciary financial advisors can serve as a trusted resource to help seniors and their family use technology for financial success - while keeping accounts private and secured. Contact a fiduciary financial advisor today to begin your Financial apps and make technology work for you.
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