Overview
- Do Baby Boomers rely on online banking because they’re resistant to change — or because mobile banking fails to offer a better way to bank?
- What are the historically complex financial challenges facing Boomers?
- What digital features could ease the Boomers’ financial headaches and unmet needs?
- How would banking relationships benefit from digital upgrades for Boomers?
- Would upgrades for Boomers apply to younger generations, too?
Methodology
Consumer data in this report is based primarily on a random-sample survey of 10,375 respondents conducted online in June 2018. Data is weighted to reflect a representative sample of the adult U.S. population. For questions answered by all respondents, the maximum margin of error is 0.96 percentage point at the 95% confidence level. The margin of error is higher for questions answered by smaller segments of respondents.
*Because Javelin surveys only adults, the Gen Z data reflects consumers born 1995-2000 (ages 18-23) at the time the survey was conducted.
Population figures were sourced from the U.S. Census Bureau and filtered by Javelin's definitions of generations.
Data on the availability of digital banking features at U.S. FIs references Javelin’s 2018 Mobile and Online Banking Scorecards, which measure the availability of more than 400 criteria at 28 of the nation’s largest retail FIs ranked by total deposits.13 Data was collected from April to June 2018.
Statistics regarding the availability of digital banking features at Canadian banks reference data on the availability of more than 400 criteria at Canada’s seven largest retail banks, as measured by total assets. Data was collected from December 2018 to January 2019.
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