Digital Differences and Money

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This presentation pulls together information about digital differences among income groups, age groups, racial and ethic groups, and among people with different levels of educational attainment. It covers internet, broadband, mobile, and social networks.

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Digital Differences and Money

  1. 1. Digital Differences and MoneyCenter for Financial Services Innovation/NYSE – Financial Literacy WeekApril 13, 2012Lee Rainie: Director, Pew Internet ProjectEmail: Lrainie@pewinternet.org PewInternet.org
  2. 2. Tech landscape• Income• Educational attainment• Age• Race/ethnicity----• Internet / broadband at home• Mobile• Social networking
  3. 3. Internet users and HH income – 80%100%80%60% 94% 98%40% 85% 65%20% 0% <$30K $30K-$50K $50K-75K >$75K
  4. 4. Internet users and education – 80%100%80%60% 97% 91%40% 73%20% 45% 0% <H.S. H.S. diploma Some college College degree +
  5. 5. 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+)
  6. 6. Internet users and race/ethnicity – 80%100%80%60%40% 83% 71% 71%20% 0% White Black Hispanic
  7. 7. Broadband at home and HH income – 64%100%80%60% 91%40% 82% 64%20% 45% 0% <$30K $30K-$50K $50K-75K >$75K
  8. 8. 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 +
  9. 9. 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+)
  10. 10. Bband at home, race/ethnicity – 64%100%80%60%40% 69% 57%20% 44% 0% White Black Hispanic
  11. 11. 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
  12. 12. 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 +
  13. 13. 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+)
  14. 14. Cell phones and race/ethnicity – 88%100%80%60% 87% 88% 88%40%20% 0% White Black Hispanic
  15. 15. Smartphone tipping point -- 46%
  16. 16. Smartphones and HH income – 46%80%70%60%50%40% 68%30% 46% 49%20% 34%10%0% <$30K $30K-$50K $50K-75K >$75K
  17. 17. 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 +
  18. 18. 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+)
  19. 19. Smartphones and race/ethnicity – 46%100%80%60%40% 45% 49% 49%20% 0% Whites Blacks Hispanics
  20. 20. 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
  21. 21. 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)
  22. 22. 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
  23. 23. Federal Reserve http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdf “Consumers and Mobile Financial Services”
  24. 24. Federal Reserve http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdf “Consumers and Mobile Financial Services”
  25. 25. Federal Reserve http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdf “Consumers and Mobile Financial Services”
  26. 26. Federal Reserve http://www.federalreserve.gov/econresdata/mobile-device-report-201203.pdf “Consumers and Mobile Financial Services”
  27. 27. 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
  28. 28. SNS and HH income – 52%100%80%60%40% 68% 58% 57%20% 46% 0% <$30K $30K-$50K $50K-75K >$75K
  29. 29. SNS and education – 52%100%80%60%40% 65% 64%20% 45% 28% 0% <H.S. H.S. diploma Some college College degree +
  30. 30. SNS and race/ethnicity – 52%100%80%60%40% 53% 49% 52%20% 0% White Black Hispanic
  31. 31. 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+)
  32. 32. 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+)
  33. 33. Thank you!

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