Friday, October 22, 2021

Baby Boomers Are The Fastest Growing Demographic Using Fintech

Nearly 90 percent of Americans use a fintech app to manage their finances, according to 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 percent 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 percent and 72 percent 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 percent 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 percent.

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.

Read more:

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How Technology Can Improve Our Lives As We Age

What Boomers Regret Most When It Comes to Money

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