Digital Differences and Money

Digital Differences and MoneyCenter for Financial Services Innovation/NYSE – Financial Literacy WeekApril 13, 2012Lee Rainie: Director, Pew Internet ProjectEmail: Lrainie@pewinternet.org PewInternet.org

Tech landscape• Income• Educational attainment• Age• Race/ethnicity----• Internet / broadband at home• Mobile• Social networking

Internet users and HH income – 80%100%80%60% 94% 98%40% 85% 65%20% 0% <$30K $30K-$50K $50K-75K >$75K

Internet users and education – 80%100%80%60% 97% 91%40% 73%20% 45% 0% <H.S. H.S. diploma Some college College degree +

Internet users and age – 80%100%80%60% 93% 89%40% 80% 75% 58%20% 31% 0% Millennials Gen X Younger Older Silent G.I. (18-34) (35-46) Boomers Boomers Generation Generation (47-56) (57-65) (66-74) (75+)

Internet users and race/ethnicity – 80%100%80%60%40% 83% 71% 71%20% 0% White Black Hispanic

Broadband at home and HH income – 64%100%80%60% 91%40% 82% 64%20% 45% 0% <$30K $30K-$50K $50K-75K >$75K

Broadband at home and education – 64%100%80%60% 90%40% 76% 52%20% 25% 0% <H.S. H.S. diploma Some college College degree +

Broadband at home and age – 64%100%80%60%40% 74% 75% 65% 60%20% 45% 21% 0% Millennials Gen X Younger Older Silent G.I. (18-34) (35-46) Boomers Boomers Generation Generation (47-56) (57-65) (66-74) (75+)

Bband at home, race/ethnicity – 64%100%80%60%40% 69% 57%20% 44% 0% White Black Hispanic

Cell phones and HH income – 88%100%95%90%85%80% 97% 92%75% 90%70% 82%65%60% <$30K $30K-$50K $50K-75K >$75K

Cell phones and education – 88%100%95%90%85%80% 94%75% 91% 85%70% 76%65%60% <H.S. H.S. diploma Some college College degree +

Cell phones and age – 88%100%80%60% 96% 94% 87% 84%40% 77% 52%20% 0% Millennials Gen X Younger Older Silent G.I. (18-34) (35-46) Boomers Boomers Generation Generation (47-56) (57-65) (66-74) (75+)

Cell phones and race/ethnicity – 88%100%80%60% 87% 88% 88%40%20% 0% White Black Hispanic

Smartphone tipping point -- 46%

Smartphones and HH income – 46%80%70%60%50%40% 68%30% 46% 49%20% 34%10%0% <$30K $30K-$50K $50K-75K >$75K

Smartphones and education – 46%70%60%50%40%30% 60% 52%20% 39% 25%10%0% <H.S. H.S. diploma Some college College degree +

Smartphones and age – 46%70%60%50%40% 66%30% 53%20% 35%10% 22% 20% 3%0% Millennials Gen X Younger Older Boomers Silent G.I. (18-34) (35-46) Boomers (57-65) Generation Generation (47-56) (66-74) (75+)

Smartphones and race/ethnicity – 46%100%80%60%40% 45% 49% 49%20% 0% Whites Blacks Hispanics

The demographics of smartphone users who go online mostly using their cell phone (May 2011)All smartphone owners (age 18+ n=688) 25%Men (n=349) 24Women (n=339) 26Race/EthnicityWhite, non-Hispanic (n=417) 17Black/Hispanic (n=206) 38Age18-29 (n=177) 4230-49 (n=256) 2150+ (n=240) 10Household IncomeLess than $30,000/yr (n=131) 40$30,000-$49,999 (n=118) 29$50,000+ (n=334) 17Education levelHigh school grad (n=169) 33Some college (n=171) 27College+ (n=308) 13

Download apps– 46%60%50%40%30% 56%20% 40% 25%10% 11% 1% 4%0% Millennials GenX Younger Older Boomers Silent G.I. Generation (18-34) (35-46) Boomers (57-65) Generation (66- (75+) (47-56) 74)

White, non- Black, non- Hispanic Hispanic Hispanic (n=196) (n=1343) (n=232)Send or receive text messages 70 76 83*Take a picture 71 70 79*Access the internet 39 56* 51*Send a photo or video to someone 52 58 61*Send or receive email 34 46* 43*Download an app 28 36* 36*Play a game 31 43* 40*Play music 27 45* 47*Record a video 30 41* 42*Access a social networking site 25 39* 35*Post a photo or video online 18 30* 28*Check bank balance or do online banking 15 27* 25*Mean (out of 14) 4.7 6.1 6.2

Federal Reserve http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdf “Consumers and Mobile Financial Services”

Just-in-time commerce60%40% 38% 25% 24%20% 34% 22% 22%0% Call a friend for advice Look up prices online of a Look up product reviews about a purchase product you found in a online of a product you store found in a store % of all adults % of cell owners

SNS and HH income – 52%100%80%60%40% 68% 58% 57%20% 46% 0% <$30K $30K-$50K $50K-75K >$75K

SNS and education – 52%100%80%60%40% 65% 64%20% 45% 28% 0% <H.S. H.S. diploma Some college College degree +

SNS and race/ethnicity – 52%100%80%60%40% 53% 49% 52%20% 0% White Black Hispanic

SNS and age – 52%100%80%60%40% 78% 63%20% 42% 38% 20% 0% 6% Millennials Gen X Younger Older Silent G.I. (18-34) (35-46) Boomers Boomers Generation Generation (47-56) (57-65) (66-74) (75+)

Mean side of SNS network350.0300.0250.0200.0150.0 318.5100.0 197.6 155.7 50.0 85.1 78.4 42.0 0.0 Millennials Gen X Younger Older Silent G.I. (18-34) (35-46) Boomers Boomers Generation Generation (47-56) (57-65) (66-74) (75+)

Thank you!

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Digital Differences and Money

by Pew Research Center's Internet & American Life Project on Apr 13, 2012

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