Affluent Seniors May Be The New Online Financial Whizzes

Those Over Age 70 Spend Nearly Three Times as Much of Their Online Time on
Financial Matters as the Younger Set

CHICAGO, Jan. 15 /PRNewswire/ -- Think you have to be 21 years old to do
your finances online?
Affluent senior citizens above the age of 70 are devoting a far higher
percentage of their online time (32%) to financial pursuits than those age 70
and younger (13%), according to a new report by Spectrem Group, "Online Tools:
Affluent Use of Provider Web Sites," released today. That's a difference of
nearly three times.
Further, affluent 70-somethings who have incomes of more than $150,000 a
year are spending an even higher percentage of their online time (49%) with
financial pursuits.
"Much as we might like to think of managing finances online as the sole
domain of the young, affluent seniors are outsurfing them by a healthy margin.
The numbers are particularly noteworthy for affluent 70-somethings with high
incomes of more than $150,000 a year. Financial services providers would be
wise to take this into account when designing new online features and content,
lest they risk alienating this important group of affluent investors," said
Catherine S. McBreen, Managing Director of Spectrem Group and co-author with
Spectrem President George H. Walper, Jr. of the new book "Get Rich, Stay Rich,
Pass It On: The Wealth-Accumulation Secrets of America's Richest Families"
(Portfolio, January 2008).
The Spectrem report, "Online Tools: Affluent Use of Provider Web Sites,"
is based on a survey of over 500 affluent investors, defined as those with
more than $500,000 in investable assets, conducted in August and September
2007. The data have a margin of error of plus or minus 4.3 percentage points.
Those interested in purchasing the Spectrem report, "Online Tools:
Affluent Use of Provider Web Sites," should contact Spectrem Group at 641 W.
Lake Street, Suite 402, Chicago, IL 60661, (312) 382-8284
(http://www.spectrem.com).
About Spectrem Group
Spectrem Group is a strategic consulting firm specializing in the affluent
and retirement markets. It integrates proprietary research with expertise in
building business, marketing and M&A strategies. Spectrem professionals have
held senior management positions at leading global companies. Through a
collaborative process, they create and implement practical and profitable
strategies that fit the cultures of client firms.
Catherine S. McBreen and George H. Walper, Jr., Spectrem Group's Managing
Director and President, respectively, are authors of the new book "Get Rich,
Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest
Families" (Portfolio, January 2008).
SOURCE Spectrem Group

Sharon Bially, +1-774-270-1293, sharon@farrellkramer.com, or Farrell Kramer,
+1-201-768-5337, farrell@farrellkramer.com, both for Spectrem Group