Score one for robo advisors.
Millennials and baby boomers place an equal value on the importance of apps and tools to manage retirement savings, according to research by Willis Towers Watson.
The Global Benefits Attitudes Survey of over 5,000 employees in the United States found that two-thirds of millennials and baby boomers agree that mobile apps and tools are either important or very important to manage and track the value of their retirement savings.
Six in 10 millennials also place a high value on tools to help monitor when they will be able to retire and how much income they can expect in retirement. Roughly the same percentage of boomers feel the same way.
“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 statement. “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.”
Millennials, however, place much higher importance on technology to manage their personal finances, and health and well-being. More than seven in 10 millennials value mobile apps to monitor bank accounts and pay bills compared with just 44 percent of boomers. More than half of millennials rate online price comparison sites to shop for the best deals as important or very important versus 42 percent of boomers.
Additionally, the number of millennials who value budgeting tools to help monitor household spending far outstrips boomers (41 percent versus 18 percent), as well as those who place importance on financial advice websites (25 percent versus 14 percent).
“Employers are in a unique position to assist employees in making life-impacting decisions about personal finances, retirement savings and health — and to bring high-value technology and services that meet workforce needs,” added Shane Bartling, senior consultant at Willis Towers Watson. “Given the explosion in apps and personal technology, employers can support employees with higher-quality services that offer personalized convenience, faster decision making, lower costs and healthier lifestyles.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
