Baby boomers are almost as likely as millennials to find online apps and tools useful for managing retirement savings, according to a survey by Willis Towers Watson.

The survey found that 59 per cent of U.S. millennials place a high value on tools that project their retirement date and income, and 54 per cent of U.S. baby boomers feel the same way.

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“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,” Steve Nyce, senior economist at Willis Towers Watson, said in a release.

“In reality, all generations of employees 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.”

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The two generations differ, though, on the importance placed on technology that manages personal finances, health and well-being. The survey also found:

  • More millennials (71 per cent) than baby boomers (44 per cent) value mobile apps that allow them to monitor bank accounts and pay bills;
  • More than half (57 per cent) of millennials find price comparison websites important compared to 42 per cent of baby boomers; and
  • Far more millennials than baby boomers value technology that allows them to monitor household spending (41 per cent versus 18 per cent) and financial advice websites (25 per cent versus 14 per cent).

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The survey also found that millennials are more likely than baby boomers to use technology to track their health. A third of millennials find wearable devices important, while less than a quarter of boomers do.

Copyright © 2021 Transcontinental Media G.P. Originally published on benefitscanada.com

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