Gen Xers know less about available financial products than millennials and boomers, and they feel unprepared for their futures. This could indicate a failure to target this demographic for products and educational resources. Plus, this generation feels the stress of being behind on their financial goals鈥攚hile also shouldering the financial burden of supporting both their parents and children.
Cornerstone Advisors鈥� report 鈥淭he Boomer-ang Effect: Financial Institutions鈥� $1 Billion Opportunity in Senior Financial Management鈥� found many young customers worry about their parents鈥� financial health, too. The September 2024 survey included 500 US consumers with a parent who鈥檚 at least 60 years old.
Baby boomer internet users are drawn to apps that are fun and intuitive. Among digital boomers, 44% reported visiting a retail app or website weekly, according to Razorfish and GWI鈥檚 December 2023 鈥淒igital 叠辞辞尘别谤蝉鈥� report.