Both Baby Boomers and Millennials rely on applications and tools to manage their retirement savings, Willis Towers Watson found in a survey. However, when it comes to managing their personal finances and health, Millennials place a much higher premium than Boomers on technology.
Sixty-six percent of both Boomers and Millennials say that mobile apps and tools are either important or very important to manage and track the value of their retirement savings. Fifty-nine percent of Millennials and 54% of Boomers place a high value on tools to help them monitor when they can expect to retire and how much retirement income their savings will generate.
When it comes to monitoring bank accounts and paying bills, 71% of Millennials, compared to 44% of Boomers, value mobile apps. Fifty-seven percent of Millennials, compared to 42% of Boomers, say it is important or very important to use online price comparison sites to shop for the best deals. Additionally, the number of Millennials who value budgeting tools to help monitor household spending far outstrips Boomers (41% versus 18%), as well as those who place importance on financial advice websites (25% versus 14%).
Thirty-three percent of Millennials but only 24% of Boomers rate wearable devices to track their health as important or very important. Thirty-five percent of Millennials versus only 16% of Boomers rate apps to track diets as important or very important. And while 27% of Millennials value apps to monitor sleep habits, only 14% of Boomers believe those apps are valuable.
“There is a misconception that Boomers don’t have much need or use for technology, especially when it comes to preparing for retirement and managing their finances once their working days are over,” says Steve Nyce, senior economist at Willis Towers Watson. “In reality, all generations feel vulnerable about their long-term financial security and ability to retire comfortably, and recognize that technology can help them engage in and make important decisions about their health and personal finances.”
Willis Towers Watson’s findings are based on a survey of 5,083 U.S. employees between June and August of last year.