18 August 2017
Find out more

Youth and tech savvy not always related - Wells Fargo survey

22 January 2010  |  8303 views  |  0 biometric  face pointer

While most people equate technological savviness with youth, the most digitally sophisticated people, particularly in relation to finance management, are thirtysomethings, according to a survey from Wells Fargo.

The US bank surveyed 1000 male and female online customers across all age groups to measure their Web engagement, sophistication and habits, which signify "digital age".

The results show youth is loosely correlated with digital adulthood, with technological sophistication generally declining with age. However, the most adult group, digitally speaking, is not twentysomethings but thirtysomethings.

While twentysomethings come out on top for entertainment - from watching television online to social networking - thirtysomethings are more likely to manage their finances online, use advanced photo and video technologies and tap career networking services.

Meanwhile, the results show that although 80% of respondents pay bills and transfer money between accounts online, only 38% have gone beyond banking to manage a 401K or IRA via the Web. Less than a third buy and sell stocks or manage investments online, and just 16% use an online budgeting tool. Fewer than half have obtained a free credit report online.

Stephanie Smith, SVP, online sales and marketing, Wells Fargo, says: "There's so much in the news about social networking but it's interesting that just 10 percent of respondents said they make social networking a high priority, compared to 65% of those who make their finances a high priority."

You can take the digital age quiz here.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

IT staff get go-ahead for class action overtime suit against Wells Fargo

IT staff get go-ahead for class action overtime suit against Wells Fargo

28 October 2009  |  5481 views  |  0 comments
Wells Fargo introduces customer-to-customer mobile money transfers

Wells Fargo introduces customer-to-customer mobile money transfers

24 September 2009  |  8299 views  |  0 comments
Wells Fargo taps Twitter

Wells Fargo taps Twitter

27 March 2009  |  13008 views  |  1 comments
New tech key for banks looking to capture 'millennial' generation - survey

New tech key for banks looking to capture 'millennial' generation - survey

18 November 2008  |  11472 views  |  0 comments
Wells Fargo moves into PFM start-up territory with new budgeting tool

Wells Fargo moves into PFM start-up territory with new budgeting tool

29 October 2008  |  13517 views  |  0 comments
Wells Fargo introduces SMS banking service

Wells Fargo introduces SMS banking service

22 October 2007  |  13530 views  |  0 comments
Wells Fargo launches mobile banking service

Wells Fargo launches mobile banking service

24 July 2007  |  8563 views  |  0 comments
Younger customers shunning Web banking

Younger customers shunning Web banking

29 March 2007  |  8766 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7144 views comments | 18 tweets | 22 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7025 views comments | 21 tweets | 22 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
5894 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5718 views comments | 11 tweets | 9 linkedin
hands typing furiouslyA Bitcoin and Blockchain payment system
5528 views 0 | 6 tweets | 2 linkedin

Featured job


Brussels or Frankfurt

Find your next job