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Paula Pant

Boomers Under Utilize Financial Technology

By November 19, 2012

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Should Baby Boomers use more technology to manage their finances?

Boomers, who are either retired or near retirement, are in a phase of life when its critical to stay atop their finances. Yet recent data shows they're under-represented as users of financial-monitoring technology. Only 16 percent of Boomers use technology to monitor their finances, compared to 44 percent of Gen Y'ers, according to an Aite Group survey reported in Forbes.

In fact, only 10 percent of Baby Boomers are "highly engaged in their financial lives," says one of the authors of the study.

What types of technology should they be using? Here's one example: Mint.com is a popular budgeting tool (and it's free. Check out my review of the Mint app for Android). But about 50 percent of Mint.com's users are ages 25 to 34.

Other programs like Quicken, BillShrink and SmartyPig help people save for goals or monitor their accounts.

So how can Boomers start using these tools? Start with a free program. Test-drive one or two free programs. Use it to monitor one or two accounts. You'll get a taste of what you like and what you don't like, and you can grow from there.

Source: Forbes.com

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