A news release from Compete Inc., a market research firm, said the survey found that nearly three out of four users indicate that use of an online retirement tool impacted their retirement savings strategy, with 64% changing allocations among investments. Generations “X” and “Y” members were more likely to increase the amount contributed to their 401(k).
The survey also found that:
- Consumers who use retirement tools are twice as likely to interact with online lead forms and five times as likely to initiate a new account opening online.
- Baby Boomers comprise the largest segment of online tool users in total volume, while seniors represent the generation most likely to be tool users. Retirement planning for generations “X” and “Y” is not a “top-of-mind issue”.
- Younger consumers are starting to save at an earlier age. Each generation has started to save for retirement five years earlier than the previous generation.
“This study shows that financial sites should make online retirement tools more visible and use the availability of tools to draw consumers deeper into retirement-related content,” said Ed Montes, senior vvice president and Group Account Director for Media Contacts, in the news release.
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