Millennials Lead the Way Leveraging Technology to Manage Day-to-Day Finances

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Apr 09, 2013, 09:00 ET

MILWAUKEE, April 9, 2013 /PRNewswire/ -- Americans are relying on technology to help with their personal finance needs, but most (60%) use it to simplify and automate financial tasks such as banking and bill payment, according to a recent survey conducted by Northwestern Mutual's financial literacy website, TheMint.org.

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Among those using technology for daily finances, Millennials lead the way, with 62% using online banking or automated bill payment, versus 60% of Generation X and less than half (37%) of those aged 60 or older.

"Technology is helping Americans get a better handle on their day-to-day finances, especially when it comes to routine tasks such as banking and bill payment," says Angela DiCastri, director at Northwestern Mutual. "It also provides exciting opportunities for individuals to learn the basic foundations and best practices for personal financial planning."

In other findings:

The use of personal finance software is highest among those age 60 or older (12%) versus 2% or less for the other age groups.
Among individuals who use technology for money-related tasks, 40% use it on a daily basis and 41% use it at least once a week.

"Since April is Financial Literacy Month, we want to remind people to be hands on with their finances and use various tools and resources to learn more," says DiCastri.

Northwestern Mutual has a number of free tools and resources for individuals – covering topics including budgeting, saving, investing, and planning for every life stage.

About TheMint.org Poll
From January 1 through March 31, 2013, visitors to TheMint.org were invited to answer questions about their technology habits related to their personal finances. 955 respondents nationwide provided insight, and the results were then analyzed based on demographic factors including age and gender. This poll is part of an ongoing series of polls from TheMint.org. Poll results are archived on the site and can be viewed at http://www.themint.org/polls.

About TheMint.org
TheMint.org offers parents, teachers and kids a variety of fun and educational resources to explore every day money concepts such as spending, saving and budgeting. TheMint.org is consistently updated with timely tips and tools, such as the new Just for Moms section and the monthly blog on a range of relevant topics.

About Northwestern Mutual
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern mutual is among the "World's Most Admired" life insurance companies in 2013 according to FORTUNE® magazine and has helped clients achieve financial security for more than 156 years.

As a mutual company with $1.4 trillion of life insurance protection in force, Northwestern Mutual has no shareholders. The company focuses solely and directly on its clients and seeks to deliver consistent and dependable value to them over time.

Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; Northwestern Long Term Care Insurance Company; and Russell Investments.

SOURCE Northwestern Mutual