Smartphone Ownership Up, Other Devices Left in the Dust

Who needs an MP3 player or a game console when they’ve got a smartphone?

More than two-thirds of U.S. adults own a smartphone, up from 35% in 2011, and tablet computer ownership has edged up to 45% among adults, according to new data from the Pew Research Center.

Smartphone ownership is nearing saturation in some groups. Most Millennials in the 18- to 29-year-old group (86%) have one, and so do those age 30 to 49 (83%). More than three-quarters of people (87%) in households earning at least $75,000 annually have smartphones.

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Adoption of other digital devices has appeared to slow recently, even dipping in some cases. About one in five adults (19%) now has an electronic reader, down from early 2014, when one-third (32%) reported owning one. Ownership of MP3 players has not dipped noticeably, but the percentage of adults who own one has remained stable, hovering around the 40% mark since 2008. And computer ownership levels have stayed roughly where they were a decade ago, according to the findings.

Some changes in device ownership are especially noticeable for young adults. Among those ages 18 to 29, ownership of MP3 players and computers has shown double-digit slides in the past five years. Today, 78% of adults younger than 30 own a laptop or desktop computer, compared with 88% who did so in 2010.

Smartphone ownership surpasses both devices, with 86% of those 18 to 29 owning one in 2015. The main reason? The increasing use of smartphones as all-purpose devices that can take the place of specialized technology, such as music players, e-book readers and gaming devices.

Roughly nine in 10 American adults (92%) own a mobile phone of some kind. The share of adults who own one has also skyrocketed since 2004, when Pew Research conducted its first poll on cell ownership and merely 65% of Americans owned a cellphone.

Among other findings:

  • 98% of young adults own a cellphone.
  • Computer ownership dipped to 78%, from 88% in 2010.
  • Ownership of tablet computers—that is, iPad, Samsung Galaxy Tab, Kindle Fire, Google Nexus—soared to 50%, from 5% in 2010.

Genworth Unveils Long-Term Care Adviser Resource

Long-term care insurance provider Genworth has launched a new online resource to help financial professionals educate and guide clients in this challenging area. 

The new LTC Source from Genworth offers educational training, sales and marketing information for financial professionals of all experience levels looking to include long-term care (LTC) planning in their practice.

The centerpiece of the LTC Source website is a “Solution Selector” tool that helps financial professionals “quickly determine possible long term care funding solutions by answering a few simple questions about their client’s needs.”

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According to Genworth, these needs may range from concerns about the financial risks of long-term care and outliving their income in retirement to providing a death benefit for their loved ones. “So the solutions range from traditional, stand-alone LTC insurance to life insurance products with long-term care riders and flexible annuities with features that can provide more income when confined to a medical care facility,” Genworth explains.

Lou Hensley, chief commercial officer of Genworth’s U.S. Life Insurance division, adds that financial professionals “are in an ideal position to start that conversation and propose a solution” around LTC.

“Our goal with The LTC Source is to provide the education, tools and support necessary to help financial professionals—whether they’re just starting to learn about long-term care insurance or are seasoned pros—ignite a conversation about long-term care planning and better counsel their clients on the role these products can play to help them achieve their financial goals,” Hensley concludes.

Financial professionals can find the tools to help protect their clients’ retirement and start this important conversation by visiting: https://www.genworth.com/theLTCsource.com.

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