Thursday, May 23, 2024

Baby Boomers Are The Fastest Growing Demographic Using Fintech

Nearly 90 per cent of Americans use a fintech app to manage their finances, according to a new report by fintech startup Plaid. The report points to the pandemic as a factor in increasing the use of fintech for banking, payments and making investments.

As reported in Fortune, 88 per cent of U.S. consumers use fintech in 2021 (this is up from 50 percent the year prior). This is striking when you consider that this means more Americans use fintech than video-streaming subscriptions and social media, which stand at 78 per cent and 72 per cent respectively. John Pitts, the global head of policy at Plaid told Fortune that “fintech is now one of the most adopted technologies by U.S. consumers.”

While fintech use is most common for younger generations (consider that 95 per cent of Millennials use fintech), with older demographics adopting its use, there is significant growth in the fintech applications. Boomers are the fastest-growing segment of fintech consumers; use of fintech for people aged 56 and older is doubling year on year to 79 per cent.

For more insight into the use of fintech and what particular areas are expected to grow significantly, you can check out the full Fortune article here.

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