Seniors are using Web to manage their money

Are you finding yourself going to more Web sites of financial institutes?

Young or old, you're looking to improve your pocketbook with some quick clicks online.

A survey by Chicago-based Spectrum Group released last week said more senior citizens are devoting time online searching and reading financial Web sites.

"The message here is that financial institutions need to pay attention to the online world and serve their customers properly," said Tom Wynn, director of affluent research for Spectrum. "Older people are spending a higher percentage of their time doing financial things online and younger people are online longer and looking at a variety of things.

Here are some results:

• Younger Web surfers are the ideal target for online capabilities, but Internet savvy seniors are not far behind. Those aged 60+ who logon more than 10 hours weekly, are almost as highly concerned (56 percent) as their younger counterparts (64 percent) with the online capabilities of their financial service provider.

• Those over age 70 spend almost three times more of their online time on financial matters (31 percent), than more younger Internet users (13 percent). When income level is considered, this percentage soars significantly, with those 70-plus, who report incomes of $150,000 or more, spending half of their online time on financial matters. This percentage of time drops significantly (15 percent) for over-70 year olds with incomes less than $150,000. This is identical to the overall mean of 15 percent spent on financial matters with all groups.

People want interactive Web sites where they can get the financial tools they need, have the ability to transfer between accounts, trade, balance a checkbook, and do research. Not all sites provide that easily, said Wynn.

The study, called "Online Tools: Affluent Use of Provider Web sites," was done to help financial institutions make key decisions on what to provide clients and prospective clients online, he said.

"If financial institutions can stay ahead of the curve, they need to use tools that are embraced by these people," Wynn said.

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