According to the newly released data, 58% of adults ages 65-73 and 30% of adults age 74 and older go online.
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While most generations have internet adoption rates of at least 70%, internet use drops off significantly for adults over age 65. But the number of older Americans online is signficant to advisors.
You can download the full report but here are some highlights of interest to advisors:
- While the youngest generations are still significantly more likely to use social network sites, the fastest growth has come from internet users 74 and older: social network site usage for this oldest cohort has quadrupled since 2008, from 4% to 16%.
- Only 44% of adults ages 65-73 and 20% of adults over the age of 74 have broadband at home versus 66% across all age groups.
- Older generations are more likely to go online for financial information, although here the Silent Generation leads with 44% of users ages 65-73 turning to the internet for financial information such as stock quotes or mortgage interest rates.
- 58% of those 46 to 55 bank online, while 56% of those 56 to 64 do so and 44% of those 65 to 73 bank, while 35% of those 73 and older do so.
- The fastest rate of growth was seen among the oldest generation of internet users, as the percentage of adults age 74 and older who use social network sites quadrupled from 4% in December 2008 to 16% in May 2010.