Australians aged 65 and over are embracing digital technology, and since they make up 19% of the population this has implications for business.
People who can remember when their household first got a television (black and white, of course) are more likely than the general adult population to use a tablet device.
About 85% of them go online at least once a day and half login three or more times a day.
Baby boomers are moving into retirement and starting to use some substantial superannuation balances, but most of the conversation around super is about building savings.
The financial industry is on notice from the Productivity Commission that it will investigate transition to retirement and pension products in its inquiry into the competitiveness and efficiency of the super system.
“The Commission intends to assess whether the system is meeting the needs of members during these phases, including via product innovation that addresses tax effectiveness, transition and longevity risks,” says the Commission in its draft report released this month.