The Rise of Digital Banking: Financial Trends Within the Baby-Boomer Generation
Many baby boomers are setting aside funds for retirement, oftentimes while providing support for aging parents and adult children. According to consumer data company Statista, 46% of U.S. baby boomers are using new digital channels for their banking since the outbreak of COVID-19. Digital banking usage was the lowest among this generation in 2018, marking a significant change in consumer behavior. While this increase is largely credited to the restrictions on in-person banking, digital banking offers financial solutions that can assist in baby boomers' unique financial needs.
Break Down Expenses
Baby boomers' variety of financial commitments create the need for simple planning tools that can effectively break down spending. During a time of life with so many financial priorities, the ability to quickly access accounts and financial advice has never been more valuable. Taking advantage of digital banking tools allows baby boomers to control their finances without stepping inside a physical branch. Our Personal Financial Management tool (PFM) assists in the budgeting process by tracking your spending by category and even allows you to categorize items within large purchases. When you set spending goals, you can track your progress throughout the month and year, and access graphs and visual aids to help you stay motivated. These tools are available within your online and mobile banking platform, so you don’t need to download a third-party mobile application.
Work Toward Goals
For many, retirement is the ultimate financial goal, and more than 40% of boomers are already retired. In order to reach and maintain a financially healthy retirement, understanding and managing your debts and investments is vital. PFM offers debt and investment management tools that help you visualize financial goals and projections. By 2030, all baby boomers will be 65 and older, which means that the next decade is critical to setting yourself up to reach retirement goals.
Transfer Funds Quickly
Baby boomers who are financially supporting loved ones need quick and easy ways to transfer funds. Sending money through mobile banking has never been easier or more secure. With our Person-to-Person (P2P) payment option, users can quickly send funds directly to their family members and friends with no additional costs or fees.
Combat the Ever-Present Risk of Fraud
On top of daily financial demands, fraud continues to be a major threat to baby boomers’ hard-earned money. According to The Federal Trade Commission (FTC), in 2020 the most commonly targeted age group by fraudsters were people between the ages of 60 and 69. Digital banking solutions such as Mobile Wallet can protect baby boomers by encrypting their information so card numbers are never exposed. With 24/7 fraud monitoring, Mobile Wallet is a safe payment alternative that eliminates the need to carry cards. Our SecurLock Equip tool also offers effective fraud prevention solutions allowing users to temporarily disable their debit card at any time and restrict purchases to specific geographic areas.
Digital banking features can save baby boomers time and energy in their busy schedules so they can get back to what matters most. To learn more about the latest digital banking solutions available, visit our digital banking page.