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Older Americans are an Online Segment CUs Can't Ignore

WASHINGTON - Credit unions better not forget about older Americans when designing their online banking presence. According to the Pew Internet & American Life project, the percent of Americans 65 or older who go online has jumped by 47% between 2000 and 2004. The Internet banking numbers are growing even...

By Staff Writer | Updated on April 06, 2004

WASHINGTON – Credit unions better not forget about older Americans when designing their online banking presence. According to the Pew Internet & American Life project, the percent of Americans 65 or older who go online has jumped by 47% between 2000 and 2004. The Internet banking numbers are growing even faster. In a February 2004 survey by Pew researchers, 22% of Americans age 65 or older reported having access to the Internet, up from 15% in 2000. They’re still lagging other age groups, however, as 58% of Americans age 50-64 said they go online, 75% of 30-49 year-olds do, and 77% of 18-29 year-olds currently go online. The February survey showed that men and women are equally likely to be engaging the Internet among the 65 and older set, and that 20% of online seniors had done banking on the Internet by the end of 2003. That’s a 12-point increase since 2000 and a growth rate of 150%, the researchers said.

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