USING THE INTERNET
While the internet may be a more central vehicle for getting financial information among younger people, it is ultimately used by everyone in our survey. When we looked at the websites that they favour to learn financial information, we found that both age groups look to government and banks/financial institutions (banks/FIs) as the top website choices. Under 35’s rely almost equally on general knowledge websites like Wikipedia, while older internet users are less likely to use Wiki because the accuracy of the material is uncertain. The 20-34 age group just compare what Wiki says to other sites.
When people are looking for financial information to help make decisions, they often seek out online tools. We asked people which tools they find most helpful. Checklists that provide step-by-step guidance about “how to get things done” and Examples that people can adapt to their own circumstances are popular with all age groups. Financial calculators follow close behind, but the kinds of calculators people want changes dramatically with age and events.
Helpful Online Tools
Checklists to follow
Examples to adapt
Preferred Websites for Financial Information
Bank or FI
Links to helpful websites
Stories from peers
Online video tutorials
Age 20-34 Age 35+
20 40 60 % Respondents
Expert strategies was only asked for age 35+ based on qualitative work.
For the age 35+ group, websites that tell them about strategies suggested by financial experts take top place for being helpful, reflecting the “expert-oriented” focus of the older age group. The age 20-34 group would rather get text explanations or links to helpful websites.