Both Baby Boomers and Millennials rely on apps and tools to manage their retirement savings, Willis Towers Watson found in its August “Generations” report. However, when it comes to managing their personal finances and health, Millennials place a much higher premium than the Boomers on technology.
“There’s a misconception that Baby 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 the firm, in Arlington, Virginia. “In reality, all generations feel vulnerable about their long-term financial security and ability to retire comfortably, and they recognize that technology can help them engage in and make important decisions about their health and personal finances.”
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 such tools to help them monitor when they can expect to retire and how much retirement income their savings will generate.
To monitor bank accounts and for paying bills, 71% of Millennials, versus 44% of Boomers, value mobile apps. Additionally, the number of Millennials who value budgeting tools to help monitor household spending far exceeds that of Boomers (41% vs. 18%); the same is true of valuing financial advice websites (25% vs. 14%).
Willis Towers Watson’s findings are based on a survey of 5,083 U.S. employees between June and August 2015.