Benefits August 27, 2013

Hesitance Remains to Use Mobile Tech for Investment Purposes

August 27, 2013 (PLANSPONSOR.com) – A recent study found that while a large percentage of retirement plan participants now own smartphones and tablets, there is still a hesitance to use such technology for investment-related purposes.
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Seventy-one percent of participants own smartphones and 57% own tablets, according to a Spectrem’s Millionaire Corner study. These figures are getting close to those for PC/Mac ownership, which is at 79%. Four percent of participants used none of these technologies.

The study found that smartphone usage is nearing PC/Mac usage among participants under the age of 35. Forty-four percent of this group said they would use a smartphone as their primary means of following the news, compared with 46% for PC/Mac use. Four percent said they would choose a tablet as their primary choice.

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The study found that both age groups were hesitant to use their smartphones for getting information on financial products and services. Sixty-six percent of participants under age 35 said they would use their PC/Mac, compared with just 16% using their smartphone. Older investors were found to be more likely to use a PC/Mac (68%), followed by 11% preferring tablets and 4% preferring to use smartphones.

In terms of corresponding with a financial adviser, the study found that 28% of the under-35 group were willing to use their smartphone, while only 7% of the 50-and-older group would do so. With the older group, only 2% preferred to use a tablet for this.

When it comes to buying and selling investments via mobile technologies, only 14% of participants under 35 would use their smartphone to conduct investment transactions. That number dropped to 6% among participants ages 35 to 49 and to 4% among participants ages 50 and older.

For getting financial market updates, 18% of participants ages 35 and older would use a smartphone, while 10% preferred using a tablet.

Of participants ages 50 and older, 54% said a PC/Mac would be their primary choice for news, compared with 18% preferring a tablet and 13% preferring a smartphone.

When it comes to accessing personal account information via mobile technology, 34% of participants under 35 said they would use their smartphone, while only 14% ages 50 and older would do so and 11% of this age group would use their tablet.

Benefits August 27, 2013

Dial-Up Internet Users Still Exist

August 27, 2013 (PLANSPONSOR.com) – A survey from the Pew Research Center found that a small percentage of Americans still use dial-up service to connect to the Internet.
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In June 2000, when about half of adults were online, only 3% of American households had broadband access. However, as of December 2012, only 3% of Americans now connect to the Internet at home via a dial-up connection

Broadband access to the Internet at home has risen steadily since 2000, said Pew, and the “always on” connection typically increases the frequency with which people use the Internet and the variety of things they do online. Pew’s December 2012 survey showed that 65% of Americans now have broadband connections at home.

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At 5%, Hispanics were found by Pew to be the most likely group to have dial-up Internet connections at home, compared with white Americans (3%) and African Americans (1%). The Pew survey found no statistically notable differences with regard to community type. Rural residents, city dwellers and suburbanites were all just as likely to use a dial-up connection.

Past surveys from Pew asked those with dial-up connections what would be required for such users to switch over to faster connections. As of 2009, many said (35%) that the price would have to fall, and 17% said it would have to become available where they live.

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